Ludhiana: Enforcement Directorate’s Zonal Office Chandigarh has arrested a person in the case of Rs 50 crore ponzi Scheme scam run by a company based in Hisar that looted thousands of investors across India.
The accused is accused of embezzling money from the accounts of the company to buy property, jewellery, and shares of high-net-worth shell companies. After being arrested, he was produced in the court, from where he has been sent to ED custody for five days.
According to a statement issued by ED Headquarters New Delhi, “ED has arrested Pranjil Batra Prevention of Money Laundering Act (PMLA) 2002 as on the 10th March, 2022 Hisar based company i.e. M/s Future Makers Life Care Pvt Ltd and others are concerned with defrauding thousands of depositors through various Ponzi schemes in many parts of the country. The ED started its investigation by registering a case of money laundering on the basis of various FIRs registered in the states of Haryana and Telangana. The Ponzi schemes run by the group were based on a pyramid structure where individuals at the top of the pyramid receive losses on the order of losses borne by individuals at the base of the pyramid.
The statement also said, “Pranjil Batra, the custodian of the company’s software, siphoned off more than Rs 50 crore from the accounts of Future Makers Group by creating fake IDs and using the bank accounts of his family members, close associates and Shell.” He used the proceeds of the crime, which is the proceeds of the crime, in the purchase of property, jewelry, and shares of high-net-worth shell companies. He took some of the immovable properties obtained from the proceeds of the crime entities. , Haryana on March 11, 2022 has been sent to ED custody for another 5 days, further investigation is on.
The accused is accused of embezzling money from the accounts of the company to buy property, jewellery, and shares of high-net-worth shell companies. After being arrested, he was produced in the court, from where he has been sent to ED custody for five days.
According to a statement issued by ED Headquarters New Delhi, “ED has arrested Pranjil Batra Prevention of Money Laundering Act (PMLA) 2002 as on the 10th March, 2022 Hisar based company i.e. M/s Future Makers Life Care Pvt Ltd and others are concerned with defrauding thousands of depositors through various Ponzi schemes in many parts of the country. The ED started its investigation by registering a case of money laundering on the basis of various FIRs registered in the states of Haryana and Telangana. The Ponzi schemes run by the group were based on a pyramid structure where individuals at the top of the pyramid receive losses on the order of losses borne by individuals at the base of the pyramid.
The statement also said, “Pranjil Batra, the custodian of the company’s software, siphoned off more than Rs 50 crore from the accounts of Future Makers Group by creating fake IDs and using the bank accounts of his family members, close associates and Shell.” He used the proceeds of the crime, which is the proceeds of the crime, in the purchase of property, jewelry, and shares of high-net-worth shell companies. He took some of the immovable properties obtained from the proceeds of the crime entities. , Haryana on March 11, 2022 has been sent to ED custody for another 5 days, further investigation is on.