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.

Our code of editorial values

This article is closed for comments.
Please Email the Editor

Printable version | Aug 2, 2021 12:46:35 PM |

Next Story