New Delhi, Nov 8 The Enforcement Directorate (ED) has seized unaccounted cash totalling Rs 84.20 lakh and a luxury car during searches at four premises in Odisha's Berhampur in connection with a Rs 69 crore chit fund scam, an official said on Saturday.
The Directorate of Enforcement (ED), Bhubaneshwar conducted search operation on Thursday at four premises under the provisions of Prevention of Money Laundering Act (PMLA), 2002 as part of an ongoing money laundering investigation against the Green India Infra Projects Ltd. and its related entities.
The ED case is linked to the CBI/SCB/Kolkata registered an FIR bearing No. RC.11/S/2014 dated June 4, 2014 against the Green India Infra Projects Ltd and its promoters in connection with multi crore chit fund scam.
It was alleged that the various group companies had collected the money from hundreds of gullible investors and ultimately cheated them.
The said amounts were collected under the guise of huge returns or to provide flats in ‘Green Paradise Project’. However, the company neither returned the invested amount nor did they allot any flats to the investors.
On being asked to refund the money paid to the alleged company by the investors, the MD of the company refused to refund the amount paid by them as advance and threatened them. Thus, the depositors have been cheated by the said company to the tune of Rs 69 crore, the ED said.
During the investigation, it was found that the accused persons had laundered the Proceeds of Crime and invested the same in the various immovable properties and other assets, the statement said.
Sharing details of the action taken on Thursday, the ED said that during search operations, unaccounted cash of Rs 84.20 lakh was found which was seized.
Further, one Mercedes car, other documentary evidence/digital devices were also seized. Various incriminating documents including property documents of various immovable properties were also found in the search premises which were seized, it said.
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