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Jan 29, 2019

Ponzi scam: ED attaches assets valued over Rs 239 cr linked to TMC MP

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The Enforcement Directorate (ED) has attached assets valued at over  239 crore rupees of a firm linked to TMC MP K D Singh in connection with a money laundering probe into an alleged ponzi scam case. The ED said in a statement that it has issued a provisional order under the Prevention of Money Laundering Act (PMLA) for attaching properties situated at various places like Chandigarh, Panchkula, Shimla and  also bank accounts in HDFC Bank against Ms Alchemist Infra Realty Ltd.
The ED’s probe against Singh and the firm  dates back to September, 2016 when it filed a criminal case taking cognizance of a charge sheet filed by SEBI. It is alleged that the company launched an illegal collective investment scheme, also called a ponzi scheme, and mobilised funds of about over 1900 crore rupees  from the public in the years preceding 2015. The firm allegedly launched the scheme without the approval of the SEBI and led to cheating of gullible investors.

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