E-Paper
ED attaches 87 properties worth ₹ 4.15-cr in Ponzi scam
ED has provisionally attached 87 properties worth ₹4.15 Crore of NGHI Developers India limited and its other group companies in connection with a Ponzi Scheme which affected thousands of investors across the states.
Directorate of Enforcement (ED) has provisionally attached 87 properties worth ₹4.15 Crore of NGHI Developers India limited and its other group companies in connection with a Ponzi Scheme which affected thousands of investors across the states of Punjab, Rajasthan and Himachal Pradesh.
ED spokesperson stated that the investigation in this regard was initiated by ED, Jalandhar, under the provisions of Prevention of Money Laundering Act, 2002 in compliance of the directions of Punjab and Haryana high court.
“The enquiries conducted by the ED revealed that multiple FIRs were found registered at different police stations in Punjab, Rajasthan and Himachal Pradesh under various sections of IPC against Pipal Singh, the managing director of Nicer Green Group companies and others,” ED stated.
In a press release, It was further stated that Pipal Singh was arrested by the police but he got bail from the high court taking the plea that he would return the money to the investors which he never did. He was later declared as proclaimed offender by the TarnTaran court.
“Investigation conducted by the ED revealed that multiple Companies were formed and incorporated by the main accused Pipal Singh and his associates. The directors of Nicer Green Group Companies had generated proceeds of crime in the form of FD(s)/RD(s) on a false promise of high returns,” it stated.
It further added that after expiry of maturity, the accused persons defaulted in returning money and also pressurised the investors to invest funds in their new companies, if they wanted their previously invested money to be returned.
“Investigation in the case revealed that the proceeds of crime had been diverted and parked in various immovable properties purchased in Punjab, Madhya Pradesh and Uttar Pradesh in the names of NGHI Developers India Limited and other group companies. Further investigation in the case is in progress,” it said.
