ED attaches Rs 30-cr assets in two separate PMLA cases

New Delhi: The ED on Friday attached assets worth around Rs 30.55 crore in connection with two separate money-laundering cases it is probing, officials here said, adding that the first attachment was related to a Ponzi scheme in Bengaluru worth around Rs 10 crore and that the second one was related to a bank fraud case worth around Rs 20 crore.

The Enforcement Directorate has issued a provisional attachment order in both the cases under the provisions of the Prevention of Money Laundering Act.

Ponzi scheme

In the first case, the ED attached assets belonging to Ambidant Marketing Pvt Ltd and its promoters in a money-laundering probe related to the illegal collection of deposits from unsuspecting investors under the pretext of 'Islamic banking or halal investment', much like the IMA Ponzi scam, which surfaced in Bengaluru earlier this year. This case of alleged duping of a number of gullible investors had made headlines last year in Karnataka.

The ED said the case pertains to allegations that the accused firm and its promoters were collecting investments from customers under various plans and Haj/Umrah plan in the name of 'Islamic banking or halal investment' and offering huge returns to the extent of up to 15 per cent per month.

The company was not authorised to collect such funds as it was neither registered with RBI nor with the SEBI under their collective investment scheme, it said. "The company sold their plans in the form of partnership business with promise of high returns," the ED said.

Initially, the company shared profits to the existing investors out of funds obtained from its new investors, the ED added.

"The attached immovable properties are in the form of land and residential flats in various parts of Bengaluru. The value of immovable properties attached is Rs 8.8 crore while movable properties totalling Rs 1.4 crore have been attached," it said.

Bank fraud

The second case is pertaining to an alleged bank fraud perpetrated by Rajasthan-based Emgee Cables and in the parallel money-laundering probe in the case, the ED has attached assets worth Rs 20.35 crore belonging to the firm and its directors.

The attachment includes two residential houses, a factory, 5 offices, two plots, agriculture land and the hostel of GIT College located in Jaipur totalling Rs 18.93 crore and movable properties in the form of bank balances, plant and machinery and three cars worth Rs 1.42 crore, the agency said.

The federal probe agency said that the company, through firms such as Reliance International, New Generation INC (dummy firms created by Shripal Choudhari) and Kandoi Metal Powder Mfg Pvt Ltd had fraudulently shown inflated sales and purchase without their being actual sale/purchase and defrauded the creditors including Dena Bank.

"They were engaged in circular transactions with these firms. It was also observed that more than 90 per cent transport of the suspected sale/purchase of goods made among these firms were shown to be done by one truck of Emgee cables," it said. The truck was found on more than one location at the same

time, the Enforcement Directorate said.