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The Enforcement Directorate seized gold and diamond jewellery well worth Rs 5.51 crore and Rs 1.21 crore money in a fraud case.
Mumbai,Updated: Mar 6, 2023 17:06 IST
Rupee notes stacked up to spell the Enforcement Directorate’s initials, ED. (Image: India Right now)
By Divyesh Singh: The Enforcement Directorate seized jewelry value Rs 5.51 crore and Rs 1.21 crore hard cash for the duration of queries carried out by the monetary probe company in Nagpur and Mumbai. The ED experienced done queries on March 3 at 15 places in Nagpur and Mumbai in link with a income laundering circumstance connected to the investment decision fraud of Pankaj Mehadia and many others.
The monetary probe company had carried out queries at the residences and workplaces of Pankaj Mehadia, Lokesh Jain, and Karthik Jain, who are the most important accused of this fraud, and also on the workplace and household premises of the principal beneficiaries.
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Gold and diamond jewellery worth Rs 5.51 crore and Rs 1.21 crore funds, alongside with some digital equipment and many incriminating files have been recovered during the searches.
WHAT IS THE Scenario?
The Enforcement Directorate initiated a PMLA investigation based mostly on an FIR registered at Sitabuldi Law enforcement Station in Nagpur, towards Pankaj Nandlal Mehadiya, Lokesh Santosh Jain, Kartik Santosh Jain, Balmukund Lalchand Keyal, Premlata Nandlal Mehadiya in a fraud creating loss to buyers in crores of rupees.
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The investigation uncovered that Pankaj Nandlal Mehadia along with other accomplices were being managing a Ponzi scheme and lured numerous traders by promising to give 12 for every cent assured revenue immediately after deducting TDS on the investments designed from the calendar year 2004 to 2017, the ED stated in a statement.
The company mentioned that through 2005 to 2016, the accused individuals ran the Ponzi plan, supplying assured returns to acquire more than the traders and thus luring the traders to spend in bigger quantities in the linked companies and finally did not return the revenue
“In purchase to divert the dollars and to give the transactions a tinge of legitimacy, transactions value much more than Rs 150 crore have been affected in the lender accounts and it is suspected that most of these transactions are not backed by authentic company offers and are in the nature of lodging entries,” the Enforcement Directorate said.
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