Delhi

ED attaches ₹8.82 crore assets of Noida-based firm

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Company involved in online Ponzi fraud

A Noida-based multilevel marketing firm’s assets worth over ₹8 crore have been attached in connection with an alleged online ponzi fraud case, the Enforcement Directorate said on Thursday.

A provisional order under the Prevention of Money Laundering Act (PMLA) has been issued by the federal agency against the company — Webwork Trade Link Pvt Ltd.

The case dates back to 2017 when the Noida police had filed an FIR against the firm and its directors Anurag Garg, Sandesh Verma and others for allegedly perpetrating an online fraud and cheating gullible depositors. The ED subsequently took cognisance of the complaint to file a case under the PMLA.

“The attachment consists of fixed deposits, mutual funds, balances in savings and current accounts of entities who had received money on account of selling the immovable properties and ornaments or providing services but due to the business shutting down and consequent fraud cases against the company, these funds remained with the beneficiaries,” the agency said in a statement.

The total value of the attached assets as part of the latest order is ₹8.82 crore.

The agency claimed, the multi-level marketing company diverted large amounts to the accounts of different persons and companies associated with them. This is the second attachment of assets action by the ED in this case as it had earlier frozen properties worth ₹27.66 crore.

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Printable version | Jan 23, 2020 10:56:42 PM | https://www.thehindu.com/news/cities/Delhi/ed-attaches-882-crore-assets-of-noida-based-firm/article30110671.ece

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