The Enforcement Directorate said on Monday that it had conducted search operations at four locations in Mumbai and Delhi as part of its money laundering investigation into an alleged Rs 4,500 crore (Rs 45 billion) fraud by Pancard Clubs Limited (PCL) and others, in which more than 5 million investors have been duped.
According to the ED, the searches uncovered various 'incriminating' documents detailing overseas assets currently operated by family members of the main accused, the late Sudhir Moraveker, who was then the director of M/s Pancard Clubs Limited. These documents have been seized.
'Further, it has also been found that these assets have been yielding lease rental income,' the ED alleged.
The agency initiated its investigation based on a first information report filed by the Mumbai branch of the Economic Offences Wing under various sections of the Indian Penal Code, 1860, and the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999, against Pancard Clubs Limited and others.
Investigations, the ED said, revealed that Pancard Clubs Limited and its directors floated various investment schemes of different durations, ranging from three to nine years, promising hotel discounts, accident insurance and other benefits, including high returns on deposits made by the public -- allegedly disregarding prevailing regulations set by the Securities and Exchange Board of India and the Reserve Bank of India.
'The search operation further revealed documentary evidence showing that attempts were made to dispose of the assets -- prima facie part of the proceeds of crime -- by the co-accused and family members. Digital records were also found and seized during the searches,' the ED added.
In a separate case, the ED's Jalandhar Zonal Office on Friday arrested Sukhvinder Singh Kharour, CEO of VueNow Marketing Services Ltd, and his wife, Dimple Kharour, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in connection with the alleged Rs 3,558 crore (Rs 35.58 billion) cloud particle investment scam.
The investigation, according to the probe agency, found that Sukhvinder Singh, CEO and founder of Vuenow Group, was the 'mastermind' of the scam, allegedly orchestrating the multi-thousand crore rupee 'Cloud Particle Scam' in connivance with close associates. The ED alleges that the accused siphoned off investors' money for personal gain.
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