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Assam: ED Attaches Assets Worth Rs 6.28 Crore of Saradha Group of Companies for Running Illegal Ponzi Schemes

Ponzi Scheme

Assam: ED Attaches Assets Worth Rs 6.28 Crore of Saradha Group of Companies for Running Illegal Ponzi Schemes

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New Delhi, April 22: The Enforcement Directorate (ED) has attached assets worth Rs 6.28 crore of Saradha Group of Companies in Assam for running illegal Ponzi schemes by befooling common people, the agency said on Friday. The properties were attached under the Prevention of Money Laundering Act (PMLA), 2002 in connection with a case.

ED initiated a money-laundering investigation on the basis of various First Information Reports and chargesheets filed by different law enforcement agencies under Section 120B (criminal conspiracy) and Section 420 (cheating) of the Indian Penal Code (IPC) against various companies of Saradha Group.

An investigation by the ED revealed that different companies of Saradha Group have invested in various movable and immovable properties to launder the proceeds of crime. Bengaluru Crime Branch Busts Cryptocurrency Ponzi Scheme, 4 Held.

The total Proceeds of Crime (POC) identified in the case till now is Rs 41.46 crore, said the ED, adding one provisional attachment order attaching five immovable properties worth Rs 4.35 crore was issued earlier and the same was confirmed by the adjudicating authority.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)

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