Mumbai: The Enforcement Directorate (ED) has attached assets worth Rs 84.24 crore of KBC Multitrade, a company that allegedly siphoned off over Rs 200 crore from lakhs of investors across the state by introducing a multilevel marketing scheme. The attached properties include movable and immovable properties in Thane, Pali, Nashik, and Sindhudurg.
According to reports, the company had collected millions of rupees by introducing attractive investment plans for clubs and resorts, offering substantial returns on them, as well as promoting these schemes and paying huge commissions on the arrival of new investors.
However, over time, a case was first registered in Parbhani after people realized that they had been duped. Subsequently, cases were registered against the company's promoters Bapu Chavan, Bhausaheb Chavan, and Aarti Bhausaheb Chavan in several districts.
Raids conducted at 11 locations linked to the company
ED officials had carried out searches at 11 locations linked to the company on March 8 and 11. During the raid, documents of 20 properties worth Rs 62 crore, amounting to Rs 16.60 crore, Rs 44.61 lakh in demat account, Rs 5.56 lakh in post savings scheme, gold and diamond ornaments worth Rs 30.75 lakh were seized in the name of one Sanjay Pancharia on March 11. He is accused of buying personal property with money embezzled by the company's promoters.