ED investigation revealed that the accused persons persuaded the gullible people and took their deposits in the name of doubling their money within a very short period of time
FinTech BizNews Service
Mumbai, June 9, 2025: Directorate of Enforcement (ED), Bhopal Zonal Office has provisionally attached 25 immovable properties to the tune of Rs. 2.98 Crore on 6/06/2025 under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in the case of Double Money Scam.
ED initiated investigation on the basis of 3 FIRs registered at two Police Stations of Balaghat District (M.P.). under various sections of Banning of Unregulated Deposits Scheme (BUDS) Act, 2019 and IPC, 1860. Subsequently charge-sheets were filed by Police against several individuals.
ED investigation revealed that the accused persons persuaded the gullible people and took their deposits in the name of doubling their money within a very short period of time and that in lieu of assurance, sometimes, they used to provide them postdated cheques of maturity amount. However, they failed to return the promised amounts leading to filing of FIRs. After filing of FIRs and chargesheets, an ECIR was recorded by ED Bhopal for investigation under PMLA, 2002.
It was revealed that the accused persons used to take money from the investors in the form of cash or directly into the bank accounts of their proprietorship concerns. This money (Proceeds of Crime) was further utilised for acquisition of immovable assets, which were acquired by the accused persons in their names and in the names of their family members or agents who used to work for them. Further investigation is under progress.
