ED seizes ₹1.02 cr cash, documents in Ponzi case searches

The agency claimed that “thousands of people” were cheated in the name of “high-value returns” on their investments or in the name of providing them land and plots in lieu of their investments

LUCKNOW The Enforcement Directorate (ED) seized unaccounted cash amounting to ₹1.02 crore, sale deeds and documents of 88 immovable properties, digital and electronic evidence of hundreds of properties during searches conducted at 16 premises in Agra, Mathura and Gautam Buddh Nagar (Noida) in UP on Wednesday in an alleged Ponzi scheme linked money laundering case against Kalpataru Group of companies, confirmed ED officials on Thursday.

The searches were conducted at 16 premises in Agra, Mathura and Gautam Buddh Nagar (Noida) in UP on Wednesday. (Pic for representation)

They said the searches were carried out at the premises of Mithilesh Singh, the wife of main accused late Jai Kishan Rana, his close associates, chartered accountants, brokers and agents, namely Suman Prabha Sharma, Devender Garg, Harendra Tarkar, Ramveer Tarkar, Prakhar Garg, Shivam Agrawal and others. The business group could not be contacted for a comment.

The agency claimed in a statement that “thousands of people” were cheated in the name of “high-value returns” on their investments or in the name of providing them land and plots in lieu of their investments.

The money laundering case stems from 74 FIRs registered by the UP Police against the directors, promoters, agents and managers of Kalptaaru group companies

The company “defrauded” gullible investors and collected “huge money” in lieu of high returns and by promising lands/plots after the maturity period. Various immovable properties acquired by the company and the accused at various locations of UP were identified and assets worth ₹84 crore have been provisionally attached, it said.

The total “proceeds of crime” estimated by the ED in the case is ₹681 crore.