ED searches five locations in Rs 600-crore ponzi probe
The searches are related to Kamal K Bakshi and A K Singh in relation to Uni Pay group ponzi scam
 "Big lenders submit loan documents related to Kingfisher Airlines to ED")
The ED on Friday conducted searches at five locations in the country in connection with a money laundering ponzi case worth Rs 600 crore.
"The searches at 5 places across India are related to Kamal K Bakshi and A K Singh in relation to Uni Pay group ponzi scam. The total scam is over Rs 600 crore," the Enforcement Directorate said in a statement.
A senior official said the agency had registered a criminal FIR under the Prevention of Money Laundering Act (PMLA) based on a police FIR in the case.
Further details are awaited.
"The searches at 5 places across India are related to Kamal K Bakshi and A K Singh in relation to Uni Pay group ponzi scam. The total scam is over Rs 600 crore," the Enforcement Directorate said in a statement.
A senior official said the agency had registered a criminal FIR under the Prevention of Money Laundering Act (PMLA) based on a police FIR in the case.
Further details are awaited.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Don't miss the most important news and views of the day. Get them on our Telegram channel
First Published: Jul 28 2017 | 2:22 PM IST