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Ponzi scheme: ED conducts raids in 3 states, recovers Rs 34 lakh; Manipur firm's MD arrested
New Delhi: The Directorate of Enforcement (ED) has said it has seized Rs 34 lakh in cash after conducting raids at eight different locations in Gurugram (Haryana), Kolkata (West Bengal) and Imphal (Manipur) in connection with a case linked to money laundering involving Ponzi Scheme.
The scheme was operated by accused Sanasam Jacky Singh, Managing Director of Maipur-based Lamjingba Group. Singh has been arrested and remanded to ED custody. The probe agency said it also seized various incriminating documents such as copies of property documents, a list of investors, details of funds collected from the investors and foreign investors, among others, in a Prevention of Money Laundering Act (PMLA) case.
These incriminating documents were related to the generation of proceeds of crime, its further diversion, transfer and end-use by accused Sanasam Jacky Singh and others, the agency said in a statement released on Tuesday night. Two bank accounts of the accused with a balance amount of Rs 1,34,01,989 were also frozen.
Further, four immovable properties which consisted of commercial buildings and lands situated in Gurugram and Imphal were also seized, the probe agency said.
Earlier, ED had initiated a money-laundering investigation against Sanasam Jacky Singh, MD of Lamjingba Group of Companies and others, on the basis of seven first information reports (FIRs) registered by the Imphal West Police, Manipur, under various sections of IPC, alleging that they had cheated more than 15,000 investors in Manipur by misappropriating and siphoning off investor's funds.
The agency said they had collected a huge amount of money to the tune of more than Rs 580 crore from the public with a promise of exorbitant returns. It said the company closed its door to investors since the first quarter of 2020 without returning the promised funds to investors.
The agency said further investigation is being conducted into the matter. (ANI)