ED searches premises of Hindustan Infracon India in Bengaluru over Ponzi scam
On Saturday, the Enforcement Directorate (ED) said that it recently carried out search operations at five locations in Bengaluru and Mandya (Karnataka) belonging to Hindustan Infracon India Ltd and related persons in a Ponzi scheme fraud case to the tune of Rs.199 crore.
The investigation by ED revealed that the promoters and directors of Hindustan Infracon lured prospective investors by offering high-interest rates on different schemes. However, the company did not return the deposit and interest to the investors.
The search operations resulted in the seizure of incriminating documents and records of cash transactions. The use of proceeds of crime to purchase various immovable properties was detected and the related documents were seized.
The ED had lodged a case of money laundering based on an FIR registered at the Vijayanagar police station in Bengaluru under various sections of IPC against Hindustan Infracon India Ltd and its promoters and directors for cheating the investors and common public to the tune of Rs.191.54 crores.
An ED official said, “The company collected approx. Rs.389 crore from about 7.18 lakh investors. However, it failed to return Rs.199 crore to the investors and thus cheated them of their hard-earned money.”
[With Inputs from IANS]
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