Friday, October 30, 2020

India: ED seizes Rs 261 Cr assets of Haryana firm in Ponzi scheme

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The Enforcement Directorate (ED) on Saturday said that it has attached assets worth Rs 261 crore of a Haryana-based multi-level marketing group, which is accused of cheating investors with a Ponzi scheme.

Future Maker Life Care Pvt Ltd, a private firm has been booked under the Prevention of Money Laundering Act (PMLA).

The probe officials have attached residential plots, agricultural lands and residential units belonging to this private firm.

Related: India: Enforcement Directorate Attaches Rs 480 Crore Assets of Basmati Rice Processing Firm Under PMLA

Apart from the immovable properties, bank accounts and its associate companies have also been attached.

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Last month, the ED attached assets worth Rs 200 crores of a private company in New Delhi that allegedly perpetrated Ponzi schemes and cheated investors.

Several properties including flats, factories, hotels, amusement park, tea estate, office spaces registered in the name of 16 different companies of Basil International Limited (BIL) in Assam, West Bengal, Odisha, Jharkhand, Uttar Pradesh, Tripura, Maharashtra were attached under provisions of Prevention of Money Laundering Act (PMLA).

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