ED attaches Rs. 2.09 crore assets of Rajasthan firm

The Enforcement Directorate (ED) on Friday attached shopping complexes and residential properties worth Rs 2.09 crore of a Rajasthan-based company in connection with an alleged chit fund money laundering case.

The order had been issued to the Director of Oro Trade Network India (Ltd) Satyendra Sharma and his family members under the provisions of Prevention of Money Laundering Act, 2002 (PMLA), ED sources said.

Over 48 FIRs were registered by the state police authorities under Prize Chit and Money Circulation Scheme (Banning) Act, 1978 against the company and its directors. The investigation was conducted by the Special Operation Group (SOG), Jaipur, Rajasthan.

Charge sheets have already been filed in the case.

The investigations showed that the directors of the company had allegedly conspired and lured a number of investors to invest in their schemes by promising high returns and collected around Rs. 44 crore in pursuance of criminal conspiracy, cheating and criminal breach of trust, the ED sources said.

The accused have allegedly acquired various immovable and movable properties out of the proceeds of crime, the sources claimed.

The main accused Satyendra Sharma has been arrested and his bail has been rejected by the Rajasthan High Court.

Further investigation is in progress.