TIDBITS

ED attaches assets worth Rs 2.80 crores in a Ponzi Scheme Case

By IndianMandarins- 08 Jan 2021
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New Delhi (08.01.2021): Directorate of Enforcement (ED) on Thursday issued a Provisional Attachment Order under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) attaching assets worth Rs 2.80 Crores in a Ponzi Scheme Case. The attached assets are in the form of 29 immovable properties (house and agricultural land situated at Bhilwara in Rajasthan) gold and silver jewelry held in the name of M/s Abhinav Gold International Marketing Pvt. Ltd. and its directors.

ED initiated Investigation under PMLA on the basis of FIR registered by Bhilwara Police against Anil Birla, Murlidhar Birla, Directors of the company, and others. Further, 14 FIRs were registered by Rajasthan Police and Crime Branch, Surat, Gujrat against directors of the company

The investigation conducted under PMLA revealed that they collected crores of rupees from the public/investors between March 2010 and March 2012 and paid a negligible amount through cheques to public/investors.

The illegally collected amount was deposited in various bank accounts which were further invested in immovable and movable properties. On identification of these assets totaling to Rs 2.80 crores, a Provisional Attachment Order was issued under PMLA.

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