Home Scam/Fraud Bengaluru: ED attaches assets worth Rs 35 crore in Ponzi scheme scam...

Bengaluru: ED attaches assets worth Rs 35 crore in Ponzi scheme scam | Bengaluru News

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BENGALURU: The Enforcement Directorate (ED) on Tuesday provisionally attached assets worth Rs 35.7 crore of Vikram Investments and the accused persons under the provisions of the Prevention of Money Laundering Act-2002 in connection with the Ponzi scheme scam which came to light in March 2018.
About 2,420 people, including several high-profile personalities, had invested around Rs 417 crore. Of which Rs 331 crore was paid back to the investors as profits and the remaining Rs 86 crore had allegedly been embezzled by the suspects.
According ED officials, the attached immovable properties having value of Rs 34.2 crore are in the form of land, office spaces and residential flats in various places in Bengaluru and movable assets are in the form of bank balances and fixed deposits of Rs 1.5 crore.
The ED had initiated a probe on the basis of an FIR registered against the firm and other suspects on March 3, 2013 in Banashankari police…

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