Money laundering: Searches were conducted at 13 places in Nagpur, 2 in Mumbai
A 45-year-old city-based businessman, who allegedly duped investors through a financial scheme by promising around 12% return on investment, was at the center of the Enforcement Directorate's crackdown.
Nagpur: Enforcement Directorate (ED) teams on Friday conducted simultaneous searches at 13 places in Nagpur and two places in Mumbai on the complaint of cheating crores of rupees from investors in the year 2011.
A 45-year-old city-based businessman, who allegedly duped investors through a financial scheme by promising around 12% return on investment, was at the center of the Enforcement Directorate’s crackdown.
The businessman had, between 2004 and 2017, persuaded a top-notch chartered accountant and others to invest in three firms owned by him, his family, and partners. The businessman’s partners and associates, who are also in various businesses ranging from real estate to coal, steel, and iron industries, were also under the scanner of the Enforcement Directorate during the day-long operation. To allow the money from this scheme to be invested in their businesses.
Tell that the businessman himself has invested the money earned from the dubious financial scheme in the businesses of his associates.
Enforcement Directorate registered the offense in January 2022
The city police’s Economic Offences Wing had in November 2011 registered a complaint of cheating and criminal conspiracy against five persons for allegedly duping a well-known chartered accountant and others of more than Rs eight crore. And the police had also invoked the Maharashtra Protection of Interest of Depositors Act. The businessman was arrested but was granted bail by the High Court after about eight months.
Based on an FIR by the city police, the Enforcement Directorate registered the offense in January 2022 and launched a parallel probe. And the Enforcement Directorate teams have also carried out simultaneous searches at the offices, residences, and bank lockers of the businessman, his associates, and associates. About one crore rupees in cash, gold worth more than one crore rupees, and bank and financial documents have been seized.
On Friday, raids including a prominent Chartered Accountant were conducted in Chhaoni, Sadar, Deshpande Layout, Lendra Park, and Dharampeth areas.
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