Rs 600 crore ponzi scam: ED names six of same family
| Wednesday | 8th August, 2018
CHANDIGARH: The enforcement directorate (ED) has added names of six more persons — stated to be of the same family — in the Rs 600-crore ponzi scam As four of these accused failed to respond court’s notice, the Chandigarh district court has issued bailable warrants against them.
“When thousands of people across the country invested crores of rupees in the schemes, the companies stopped the payouts or monthly returns (since October 2010) and gradually siphoned off crores of rupees of the investors.”
The ED has registered a case against the accused under Section 3, punishable under Section 4, of the Prevention of Money Laundering Act, in the supplementary compliant in the ponzi scam case.Earlier, the ED had filed a chargesheet against the six accused, out of whom the mastermind is stated to be in Malaysia, while 5 being proclaimed offenders.
Only one accused, Kamal K Bakshi, arrested in the case was granted bail by the district court last month.The case is related to thousands of investors who were systematically lured and cheated to the tune of over Rs 600 crore by floating ponzi or pyramid schemes assuring exorbitant returns.The six accused have have been identified as Arvind Kumar Singh of Paschim Vihar, New Delhi; his brother-in-law Yogendra Pratap Singh of Sector 49, Faridabad; Arvind’s wife Rita Singh; Paras Nath Singh of Sector 49, Faridabad; Rakesh Singh, son of Paras Nath Singh; and Pankaj Singh, son of Rakesh Singh.The ED investigation revealed that Arvind Kumar Singh was an agent of Unipay2U Group of companies and between April 2009 and January 2011, he was involved in collecting money from investors in a ponzi scheme floated by Unipay2U Marketing Pvt Ltd. Arvind Kumar Singh along with brother Yogendra Pratap Singh was operating a firm Secured Life.An account was opened in the name of the said firm at ICICI Bank, Paschim Vihar, New Delhi, and the statement of this account revealed that between April 2, 2009 and January 22, 2012, amounts totaling Rs 32,17,65,373 were credited by way of cash/RTGS transfer and then was siphoned off through cash withdrawal and transferred to various other bank accounts in the names of Arvind, Yogendra, Rita, Paras Nath, Arvind’s son and daughter Nikhil and Ashritha.Describing the modus operandi of the accused, the enforcement directorate earlier had said that the early investors of the ponzi schemes floated by the firm were paid exorbitant returns in order to win over their confidence.
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