Bengaluru: The Enforcement Directorate (ED) on Tuesday assets attached temporarily worth 35.7 Crore Vikram investment and the people accused under the prevention of 2002 washing law in connection with the fraud of the ponzi scheme which was revealed in March 2018.
About 2,420 people, including some high profile personality, have invested around Rs 417 Crore.
From where RS 331 Crore was paid back to investors as an advantage and residual Crore RS 86 allegedly embedded by the suspects.
According to officials, the attached moving properties have a value of Rs 34.2 Crore in the form of land, office space and housing flats in various places in Bengaluru and assets moving in the form of bank balances and permanent deposits of Rs 1.5 Crore.
Ed has initiated an investigation on the basis of the FIR registered in the company and other suspects on March 3, 2013 at the Banakakari police station.
Raghavendra Srinath, Director of the Founder of Vikram Investments, and his colleagues KP Narasimhamurthy, M Prahlada, KC Nagaraj and Sutram Sukram were arrested on charges of deceiving public by luring them to invest in Vikram investment, promising commodity returns.
buy and sell.
The suspects offer 30-35% per year.
However, they are not registered with one of the supervisory bodies including RBI.
They ensure that customers will get back their first installments as promised.
This gives them trust and captivates customers to invest longer after that the company stops paying them back money, including the principal amount.
Initially, the company pays profits to existing investors from funds obtained from new investors.
The company uses insurance agents and other people who will convince their friends and family to invest and pay commissions.
According to Ed, Srinath deliberately delivered a very large net profit from Rs 35 Crore into one R Krishna which was impossible in a wise manner.
Fraud was revealed in early March when PR Balaji, a businessman from Southern Bangalore who had invested Rs 11.7 Crore, filed a cheating case with the Banakakari police who arrested the defendant.
All out of prison with a guarantee.
Twenty-one shot was registered at various police stations and then this case was handed over to CID.