New Delhi, June 6
The Enforcement Directorate (ED) has attached movable and immovable assets valued at Rs 38.33 crore in connection with a multi-level marketing scam.
The ED stated that the assets are located in Nagpur, Amaravati, Akola, and Madgaon districts, were linked to accused Sameer Joshi and his co-accused, involved in the Shreesurya Investment scam, which hve been attached under the Prevention of Money Laundering Act (PMLA), 2002.
An FIR registered by the Nagpur Police revealed that Joshi allegedly defrauded the public by promising huge returns through a scheme promoted by the Hindu Undivided Family (HUF). Sameer, after luring the public with false assurances, duped investors and used public funds to acquire properties in his name, his family members' names, or business entities, the FIR mentioned.
The ED also began a probe in the case and found that firm allegedly made misleading advertisements about the scheme's benefits. A total of 1,267 investors were defrauded of Rs 105.05 crore, according to chargesheets filed by law enforcement agencies.
Besides, the SEBI has filed a prosecution complaint against Joshi.
The Shreesurya Group employed commission agents who received 3-7 % commissions on investments made by investors. These agents organised 'Investors meets' to gather maximum amount of investment from new and genuine investors, officials further added.
