The Enforcement Directorate (ED) has attached assets worth Rs 261 crore, including residential plots and agricultural land, belonging to Future Maker Life Care Pvt Ltd, its directors, family members and associates in Hisar, Adampur, Kulam, Delhi and Chandigarh in a ponzi scheme case involving a fraud of around Rs 3,000 crore.
The action was taken as per the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) on the basis of first information reports (FIRs) registered by the Telangana police against the company and its directors -- Radheshyam and Bansilal -- in March 2019, the ED said.
The FIRs were filed for cheating the common public by propagating a false theme of “a life-turning opportunity to earn income Rs 20,000 to Rs 10,00,000 per month” and “inviting innocent public” to become members of their ponzi pyramid scheme in the guise of direct selling multi-level marketing products such as suit lengths and edible products, it said.
“They extensively advertised their commission model in which very high commissions were paid for enrolment of new members in the down links of the pyramid,” the ED said in a statement.
Investigations under the provisions of PMLA revealed that funds were fraudulently collected from subscribers as deposit towards membership in the scheme through a chain of agents spread across India. These deposits collected through the schemes were illegally diverted into the personal accounts of the directors, their family members and other associates, it said.
{{/usCountry}}Investigations under the provisions of PMLA revealed that funds were fraudulently collected from subscribers as deposit towards membership in the scheme through a chain of agents spread across India. These deposits collected through the schemes were illegally diverted into the personal accounts of the directors, their family members and other associates, it said.
{{/usCountry}}Funds were also diverted to other shell companies incorporated by the two directors, it said.
“Primary objective of the promoters of the company is to lure the gullible public with promises of huge commissions and with dreams of becoming rich without much effort quickly. They also cheated the public by falsely claiming that their fraud pyramid scheme was a legitimate direct selling network scheme by introducing sub-standard products like cheap suit lengths and supplements,” it said.
Investigations have revealed that the accused fraudulently collected around Rs 2,950 crore from lakhs of members, which has been identified as the proceeds of crime.
So far, 16 immovable properties purchased at a cost of Rs 9.08 crore along with bank balances amounting to Rs 252 crore lying in 34 accounts in the name of the company, its subsidiaries, two directors, their family members and other associates have been identified and attached under the PMLA. Further investigation is underway, it said.