Home Scam/Fraud ED seizes assets worth Rs 110 cr in ponzi scheme case

ED seizes assets worth Rs 110 cr in ponzi scheme case

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New Delhi: The Enforcement Directorate (ED) on Tuesday said that they have attached 210 immovable properties worth Rs 110 crore belonging to Maithri Plantation and Horticulture Pvt Ltd (MPHPL) in connection with Prevention of Money Laundering related to ponzi scam case.

A senior ED official said that the attached properties are in the name of MPHPL, its sister concerns Sree Nakshatra Builders and Developers India Pvt Ltd (SNBDIPL), Maithri Realtors India Pvt Ltd (MRIPL) and the directors namely, Lakku Konda Reddy, Lakku Malayadri Reddy, Lakku Madhava Reddy and Kolikalapudi Brahma Reddy of these companies.

The ED initiated money laundering investigation on the basis of the FIR registered by Andhra Pradesh Police under section 420 of the IPC, Sec 4 and 5 read with sections 2(c) of Prize Chits Money Circulation Schemes (Banning) Act and Sec 5 of APPDFE Act against Lakku Konda Reddy and others for allegedly cheating and defrauding…

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