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HomeLatest NewsED attaches 32 crore bank deposits of ponzi co | India News

ED attaches 32 crore bank deposits of ponzi co | India News



NEW DELHI: After two days of searches in Kochi on a multi-level marketing company, Enforcement Directorate on Wednesday attached bank deposits of Rs 32 crore, taking the total attachment in the case so far to Rs 260 crore.
The directors of the company are accused of collecting over Rs 1,500 crore from the public and laundering the ‘proceeds of crime’.
The agency said that MD of the company, High Rich Online Group, K D Pratapan along with his wife Sreena Pratapan managed to escape before the ED’s search team arrived at their residence on Tuesday.The agency officials also searched the premises of a software company involved in the ponzi scam. Pratapan was earlier arrested by the Kerala GST department, which had booked him for tax evasion of more than Rs 126 crore in Dec, 2023 and later released on bail granted by Kerala HC .
The accused offered its members, if they invested in its crypto currency, an interest of 15% on the invested amount besides an annual profit of 500%. The ponzi scheme also offered 30% commission on bringing new customers. The company collected huge money from the public and siphoned off the fund, the agency said.
“Searches also revealed that the total amount collected from people at large in this ponzi type MLM scheme is approximately Rs 1,500 crore out of which Rs 1,250 crore has been redistributed to members as returns and the balance Rs 250 crore have been siphoned off by the accused promoters, which is the proceeds of crime,” ED said.





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