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ED attaches Peers India Corporation’s assets worth ₹4.79 crore in PMLA case
Officials stated that the ED initiated the investigation based on various FIRs and complaints filed by UP police against M/s Peers India Corporation Limited and its directors.
The Enforcement Directorate (ED), Lucknow unit, has provisionally attached properties of M/s Peers India Corporation Limited (PICL) and its director Alok Tripathi, totaling ₹4.79 crore. The attachment includes bank balance worth ₹3.77 crore and land valued at ₹1.02 crore in Uttar Pradesh’s Moradabad and Budaun, Chittaurgarh in Rajasthan and Mehsana in Gujarat, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, said ED officials on Thursday.
Providing additional details, officials stated that the ED initiated the investigation based on various FIRs and complaints filed by UP police against M/s Peers India Corporation Limited and its directors—Alok Kumar Tripathi, Ashish Tripathi, Vishnu Kant Tripathi, and others.
The officials said that the investigation exposed M/s Peers India Corporation Limited and its directors cheating the public at large. The directors, including Alok Kumar Tripathi, Ashish Tripathi, and Vishnu Kant Tripathi, allegedly enticed individuals to invest in the company by falsely promising extravagant returns in the form of land and/or payments upon maturity of the investments.
According to officials, the firm’s directors collected proceeds of crime exceeding ₹25 crore from unsuspecting investors and diverted the funds to purchase land in various locations across India. They mentioned that further investigation is currently in progress.
