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Sunday, 24 January 2021

Chargesheet against 2 firms for duping 31 lakh investors

Tribune News Service

New Delhi, January 23

The Enforcement Directorate on Saturday said it has filed a prosecution complaint, which is equal to a police chargesheet, in a Panchkula special court against two directors Radhe Shyam and Bansi Lal of a Hisar-based multi-level marketing (MLM) scheme promoting companies Future Maker Lifecare Pvt Ltd and FMLC Global Marketing Pvt Ltd in a money laundering case.

ED probe findings

The ED probe revealed that around 31 lakh investors lost their money by making investments in the schemes floated by the accused in which the initial investors were paid high returns to attract more investors and entice current investors to invest more money.

The prosecution complaint was filed with a prayer for awarding punishment to the accused persons and confiscation of attached assets to the tune of Rs 261.35 crore under the Prevention of Money Laundering Act (PMLA).

The ED had initiated its probe after considering several FIRs registered against the accused persons by the Haryana Police.

The officials in the probe agency said that FIRs were also registered at various police stations in Telangana for cheating lakhs of investors in which key accused Radhe Shyam and Bansi Lal of Haryana had duped innocent persons in the guise of MLM scheme.

They also promoted Ponzi schemes in many other parts of the country though their companies Future Maker Lifecare Pvt Ltd and FMLC Global Marketing Pvt Ltd, the officials said.

They added that the schemes consisted of the pyramidal structure where the persons at the top of the pyramid gain at the cost of the loss borne by the persons at the base of the pyramid.

The ED probe revealed that around 31 lakh investors lost their money by making investments in the schemes floated by the accused in which the initial investors were paid high returns to attract more investors and entice current investors to invest more money.

On identification of the accused persons' assets in the form of a flat in Chandigarh, two flats in Delhi, agricultural lands, balances in bank accounts, seized cash totalling Rs 261.35 crore, the ED had provisionally attached those under PMLA and later got it confirmed by the adjudicating authority.



from The Tribune https://ift.tt/2M2ioKy

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