New Delhi [India], February 9 : The Directorate of Enforcement (ED) on Friday attached movable and immovable properties worth Rs 30.41 crore belonging to Ebin Varghese, Masters Finserv, ESR Masters Retail Pvt Ltd and others in a money-laundering case.
According to an official release from the central agency, "ED has provisionally attached movable properties to the extent of Rs 17.87 crore and 7 immovable properties worth Rs 12.53 Crores aggregating to Rs 30.41 crore belonging to Ebin Varghese, M/s Masters Finserv, M/s ESR Masters Retail Pvt Ltd and others under the PMLA, 2002 vide Provisional Attachment Order dated February 6, 2024."
ED initiated an investigation based on various FIRs registered by Kerala Police under various sections of IPC, 1860 against Ebin Varghese and others.
As per the FIRs, Ebin Varghese, through his firm M/s Masters Finserv, cheated the general public by accepting huge deposits from them on the pretext of share trading and also assuring them of capital guarantee as well as 18-24 per cent return per annum on their investment.
ED investigation revealed that Ebin Varghese and others dishonestly induced various complainants to make deposits and accepted huge amounts from them in his proprietorship concern M/s Masters Finserv on the pretext of generating profit from share trading, by giving false assurance of high returns ranging from 18 to 24 per cent per annum besides the capital guarantee.
He also gave false assurance to investors that the invested amount was completely withdrawable at any time.
By cheating the general public, Ebin Varghese, through his proprietorship concern M/s Masters Finserv, obtained the proceeds of the crime to the tune of Rs 73.90 crores.
ED investigation further revealed that Ebin Varghese used only a small part of such collected amount to trade in the share market.
It is also revealed that he used the deposited amount of the general public i.e. Proceeds of Crime to purchase immovable property in his name and the name of his wife i.e. Mrs Sreeranjini.
ED investigation also unearthed that Ebin Varghese diverted a large amount of deposit from the general public to casino operator companies situated in Goa and online casino operators.
Therefore, proceeds of crime invested in immovable properties and movable properties to the tune of Rs 30.41 crore, involved in the money laundering, have been provisionally attached by the ED.
Further investigation is under progress.
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