In a major development in the ongoing investigation into a multi-crore chit fund scam in Odisha, the Enforcement Directorate (ED) has seized Rs 84.20 lakh in unaccounted cash and a luxury Mercedes car during searches at four premises in Berhampur, Odisha.
This action is part of an investigation into the Green India Infra Projects Ltd. and its affiliates, which allegedly defrauded investors to the tune of Rs 69 crore.
The ED’s action on Thursday followed orders under the Prevention of Money Laundering Act (PMLA), 2002, as part of the larger investigation into the financial dealings of Green India Infra Projects Ltd. and its promoters. The company is suspected of collecting funds from hundreds of innocent investors under the false promise of high returns and the allocation of flats in the ‘Green Paradise Project’, but failed to deliver on either commitment.
According to the ED, investors were promised substantial returns or properties in the project but ended up losing their investments. When the company was asked for refunds, its managing director reportedly threatened investors, refusing to return the money they had paid in advance. The total amount defrauded by the company is estimated at Rs 69 crore.
Further investigations revealed that the accused individuals involved in the scam laundered the proceeds of crime by investing the money in various immovable properties and other assets. This prompted the ED to initiate searches at the premises of the accused.
During these operations, the ED seized:
-
Rs 84.20 lakh in unaccounted cash
-
A Mercedes luxury car
-
Various incriminating documents, including property papers and digital devices
The ED also found property documents of several immovable assets, which were seized for further investigation.
