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ED files charges against 12 in ponzi scheme

The accused were charged in connection with a multi-level marketing and ponzi scheme involving Jaipur-based Gold Sukh Trade India Limited

The Enforcement Directorate (ED) has filed a chargesheet against 12 accused persons in connection with a multi-level marketing and ponzi scheme involving Jaipur-based Gold Sukh Trade India Limited.

Those arraigned in the chargesheet are Gold Sukh Trade India Limited, its sister concern Gold Sukh Corporation Limited, its directors Mahendra Kumar Nirwan, Manvendra Pratap Singh Chauhan, Pramod and their family members, besides shareholders.

Saroj Kanwar, wife of late Narendra Singh who was the founder-director of the companies, has also been named.

According to the ED, the money laundering probe is based on nine FIRs registered at the Vidhyakpuri police station in Jaipur against Gold Sukh Trade India Limited and others. It was alleged that they mobilised public deposits from 2008-09 to 2010-11 on the promise of good returns.

Mulitple charges

The police have filed multiple chargesheets against the accused persons under various provisions of the Indian Penal Code and the Prize Chit and Money Circulation Scheme (Banning) Act.

During the probe, the ED has so far identified alleged proceeds of crime amounting to ₹3.06 crore, in the form of movable and immovable properties, which were attached. The attachment order was confirmed by the Adjudicating Authority under the Prevention of Money Laundering Act (PMLA).

“Confiscation of attached properties valuing ₹3.06 crore has also been prayed in the complaint [chargesheet] in terms of Section 8(5) of the PMLA,” said an official.

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Printable version | Jul 6, 2020 11:19:56 AM | https://www.thehindu.com/news/national/ed-files-charges-against-12-in-ponzi-scheme/article31949330.ece

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