Crore Ponzi Scam: Enforcement Directorate raids its ex-officer in Rs 600 crore scam
Crore Ponzi Scam: Enforcement Directorate raids its ex-officer in Rs 600 scam In the Rs 600 crore alleged ponzi scam case, the Enforcement Directorate searched the premises of its ex-Deputy Director and others on Thursday. Under the provisions of the Prevention of the Money Laundering Act (PMLA), the ED officials said the houses of its former officer Gurnam Singh, advocate Puneet Sharma and another person in Chandigarh and Mohali are being raided. Officials claimed that Singh, the ex-Deputy Director of the ED’s Chandigarh zone, was allegedly taking bribes of about Rs 4 crore to Rs 6 crore in purported connivance with Sharma. In 2017, the agency had conducted multiple searches in this case. The case, the ED had said, pertained to thousands of investors who were “systematically lured and cheated of more than Rs 600 crore by floating ponzi or pyramid schemes assuring exorbitant returns”. “When thousands of people across the country invested crores of rupees in the said ponzi schemes, the companies stopped the payouts or monthly returns (since October 2010) and gradually siphoned off crores of rupees of investors,” it had said. “The company manipulated by using a web of bank accounts and layering of money through a plethora of such accounts,” the ED alleged. -PTC News
