The Enforcement Directorate (ED), Delhi Zonal Office, has provisionally attached equity shares of a company having a current market value of more than Rs 42 Crore, in connection with an alleged large-scale financial fraud involving a collective investment scheme.
ED initiated the investigation based on an FIR registered by the Central Bureau of Investigation. Subsequently, CBI filed a charge-sheet and a supplementary charge-sheet against 33 accused persons for their role in running the illegal investment scheme.
According to the charge-sheets, the accused entities and persons were fraudulently mobilising over Rs 48,000 crore from lakhs of investors across India under the pretext of sale and development of agricultural land. Investors were induced to invest and made to sign misleading documents, such as agreements, powers of attorney, and other instruments. In most cases, land was never delivered, and approximately Rs 48,000 crore remains unpaid to investors.
ED has attached over 29.46 lakh equity shares of the company, purchased for more than Rs 30 Crore. The agency alleged that the funds used for the purchases were diverted from money mobilised from gullible investors. Further investigation is in progress.
