The Enforcement Directorate (ED) had probed the case and attached the bank deposits lying in the accounts of a firm, Ms Sadhrta Retail Limited, whose directors were Anjana Upendra Chokshi and Kaustubh Upendra Chokshi, the agency said in a statement.
It said the Chokshi's duped 1,100 investors in 2009 as part of an alleged ponzi scheme and that they are "absconding".
The ED said its probe revealed that the accused "floated a scheme --double the money in 20 days -- with an intention to cheat people by giving a false reason of pre-IPO (initial public offer) of their company."
It said the amount so collected by the accused was "projected as untainted in the account books of the companies -- Ms Sadhrta Retail Ltd and Ms Deja-Vu Solutions Limited."
The court's order for confiscation of these deposits, under the Prevention of Money Laundering Act (PMLA), was issued after going through the ED charge sheet that was filed by it in 2015, the statement said.
"This is the first confiscation under PMLA in Maharashtra," it said.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)