The Directorate of Enforcement (ED), Bhubaneswar has intensified its money laundering investigation into the Rs 69 crore chit fund scam involving Green India Infra Projects Ltd. and its associated entities.
On Thursday, the ED conducted search operations at four premises in Berhampur under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 and seized unaccounted cash totalling Rs 84.20 lakh and a luxury car.
The ED’s case is based on an FIR bearing No. RC.11/S/2014 dated June 4, 2014 registered by the CBI/SCB/Kolkata against Green India Infra Projects Ltd. and its promoters in connection with multi crore chit fund scam.
The company is alleged to have collected approximately Rs 69 crore from hundreds of investors by promising high returns or flats in their ‘Green Paradise Project’. However, the company neither returned the invested amount nor did they allot any flats to the investors.
On being asked by the investors to refund the money paid to the alleged company, the MD of the company refused to refund the amount paid 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 revealed that the accused persons laundered the Proceeds of Crime and invested the illicit funds in immovable properties and other assets, the statement said.
Sharing the details of the action taken on Thursday, the ED informed 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.
