Daijiworld Media Network - New Delhi
New Delhi, Nov 8: The Enforcement Directorate (ED) has seized Rs 84.20 lac in unaccounted cash and a luxury Mercedes car during raids in Odisha’s Berhampur as part of its probe into a Rs 69-crore chit fund scam involving Green India Infra Projects Ltd., officials said on Saturday.
The searches, carried out under the Prevention of Money Laundering Act (PMLA), were linked to a CBI case registered in 2014 against the company and its promoters for allegedly defrauding hundreds of small investors.
According to the ED, the company collected crores from investors, promising either high returns or residential flats under its “Green Paradise Project.” However, neither the promised returns nor the flats were delivered. When depositors demanded refunds, the managing director allegedly refused and issued threats.
The investigation revealed that the accused diverted and laundered the illicit funds, investing them in real estate and other assets.
During Thursday’s operation, the ED recovered Rs 84.20 lac in unaccounted cash, a Mercedes car, digital devices, and multiple property-related documents. These materials have been seized as part of the ongoing money-laundering investigation.