Actor Prakash Raj gets summon in Rs.100 cr ponzi scam linked to Pranav Jewellers
The Enforcement Directorate (ED) has summoned actor Prakash Raj for questioning in an alleged money laundering case linked to a Ponzi scheme to the tune of Rs.100 crore.
Prakash Raj has been asked to depose before the federal agency in Chennai on December 5.
The summons followed the probe agency’s searches at properties linked to a partnership firm based out of Tiruchirapalli, Pranav Jewellers, on November 20 under the provisions of the Prevention of Money Laundering Act (PMLA).
Summons to Prakash Raj, a brand ambassador of Pranav Jewellers, is a part of the broader investigation into the alleged bogus gold investment scheme coined by the Jeweller.
The Ponzi scheme, run by Pranav Jewellers, came under the ED scanner after an FIR was registered by the Economic Offences Wing (EOW) in Trichy. The FIR was filed against Pranav Jewellers and others allegedly involved in financial “wrongdoing”.
According to the Economic Offences Wing, Pranav Jewellers collected a staggering Rs.100 crore from the public on the pretext of a gold investment scheme, promising lucrative returns. However, the company allegedly failed to fulfill its commitment, leaving investors in the lurch
“Pranav Jewellers failed to return the amount to such investors and the firm (Pranav Jewellers) and other connected persons cheated the public by diverting public funds to shell entities/ entry providers under the garb of purchase of bullion/ gold ornaments,” the Enforcement Directorate said in the statement.
The ED-led raids led to the recovery of various incriminating documents, unaccounted cash worth Rs.23.70 lakh along with gold jewellery weighing 11.60 kg.
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