National

ED arrests Ponzi scheme scam accused

The Enforcement Directorate (ED) has arrested one Hemant Kumar Sinha, who is wanted in connection with a Ponzi scheme scam involving over ₹10 crore. Hemant, who had been absconding despite a court directive to join the proceedings, was produced before a court, which sent him in judicial custody till June 29.

He had allegedly been avoiding his appearance before the court ever since the ED filed a charge sheet against him under the Prevention of Money Laundering Act.

The court issued a non-bailable warrant, following which the ED tracked him down to his residence in Howrah.

Hemant is an accused in a case against M.S.S. Ayurvedic Healthcare Trust and others, registered on the basis of the FIRs instituted by the Jharkhand police. The accused persons collected ₹3,000 from each individual investor on the false promise of returning four times the amount within three months.

They would issue four post-dated cheques of ₹2,300 each and four coupons worth ₹700 each for “Ayurvedic” medicines and treatment at M.S.S & Health Care Ayurvedic Trust to gain the investors’ confidence.

The ED had attached assets worth ₹2.28 crore in the case. Among those charge-sheeted in the case are Rakesh and Mukesh Kumar Poddar, who were arrested in June last year from their hideouts in Varanasi and Muzaffarpur.


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Printable version | Aug 2, 2021 12:46:35 PM | https://www.thehindu.com/news/national/ed-arrests-ponzi-scheme-scam-accused/article34896700.ece

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