Rs 261 cr assets of alleged ponzi scheme runners attached
New Delhi, Aug 17 (IANS) The Enforcement Directorate (ED) has attached Rs 261 crore properties of Radheshyam and Bansilal of Future Maker Life Care Private Limited and their family in a ponzi scheme case.
The assets were attached under the provisions of Prevention of Money Laundering Act (PMLA), the ED said in a statement on Saturday. The assets include residential plots, agricultural land, houses belonging to Radheshyam and Bansilal, two directors of the firm, their family members and associates.
The assets are located in Haryana's Hisar, Punjab's Adampur and Kulam, Delhi and Chandigarh.
According to ED, it had filed a case in March on the basis of FIRs registered by the Telangana Police against the company and its directors for cheating people by propagating the "Life Turning Opportunity to earn Rs 20,000 to Rs 10 lakh per month" scheme.
They claimed it to be a legitimate direct selling scheme and introduced sub-standard products, like cheap suit lengths and supplements, the ED said. They also advertised their commission model in which very high commissions were paid for enrolment of new members.
During the probe, it was revealed that funds were fraudulently collected from subscribers as "deposit towards membership" in the scheme through a chain of agents spread across India.
"These deposits were diverted into the personal accounts of directors, their family members and associates. Funds were also diverted to shell companies incorporated by the two directors," the ED said.
According to investigations, the accused collected around Rs 2,950 crore from lakhs of members, which has been identified as the proceeds of crime.
The agency said 16 immovable properties were purchased for Rs 9.08 crore derived from the proceeds of crime. Rs 252 crore were lying in 34 accounts in the name of the company, its subsidiaries, two directors, family members and associates.
All the assets were identified and attached under the PMLA.