Daijiworld Media Network - New Delhi
Guwahati, Jul 10: The Directorate of Enforcement (ED) has provisionally attached assets worth approximately Rs 5.54 crore as part of its money laundering investigation into the alleged multi-crore Ponzi scam involving the Jeevan Suraksha Group of Companies, officials said on Friday.
The attachment has been carried out under Section 5(1) of the Prevention of Money Laundering Act (PMLA), 2002.
According to the ED, the attached assets comprise credit balances of nearly Rs 1.42 crore in 48 bank accounts, along with 22 immovable properties valued at about Rs 4.11 crore located across Assam, Meghalaya and West Bengal.
The agency initiated its money laundering investigation on the basis of FIRs and charge sheets filed by the Central Bureau of Investigation (CBI), Anti-Corruption Branch, Guwahati, under various provisions of the Indian Penal Code and the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. The case was also investigated by the Assam CID and the Serious Fraud Investigation Office (SFIO).
The ED alleged that the Jeevan Suraksha Group, operating through multiple companies and associated entities, ran an illegal money circulation scheme using a network of around 422 branches across the northeastern states.
According to the investigation, the group allegedly attracted nearly 6.88 lakh investors by offering recurring deposits, fixed deposits, plot booking schemes, monthly income plans and redeemable preference shares, while promising unusually high returns without obtaining the mandatory statutory approvals required to accept public deposits.
Investigators claim the company mobilised approximately Rs 403.63 crore from investors but returned only around Rs 132.72 crore. The agency alleged that deposits collected from new investors were used to make payments to earlier investors before the scheme eventually collapsed.
The ED has estimated the alleged proceeds of crime at Rs 270.91 crore.
The investigation further revealed that a portion of the funds was allegedly diverted by the company's directors and their family members through cash withdrawals, fixed deposits, insurance investments and transfers between related entities before being used to acquire immovable properties.
The money laundering investigation remains ongoing as the agency continues to trace additional assets and examine the financial trail linked to the alleged fraud.