Tuesday, Oct 22, 2019 | Last Update : 10:33 PM IST

ED attaches assets worth Rs 278 crore in Ponzi scam

THE ASIAN AGE.
Published : Sep 18, 2019, 3:49 am IST
Updated : Sep 18, 2019, 3:49 am IST

At present, Pawan Malhan and his son Hitik are under custody of the Telangana Police in the case, said the ED.

The Enforcement Direct-orate (ED) on Tuesday provisionally attached assets worth Rs 277.9 crore in connection with its money laundering probe into an alleged ponzi scam involving Telangana-based multi-level marketing group.
 The Enforcement Direct-orate (ED) on Tuesday provisionally attached assets worth Rs 277.9 crore in connection with its money laundering probe into an alleged ponzi scam involving Telangana-based multi-level marketing group.

New Delhi: The Enforcement Directorate (ED) on Tuesday provisionally attached assets worth Rs 277.9 crore in connection with its money laundering probe into an alleged ponzi scam involving Telangana-based multi-level marketing group.

The central probe agency in a statement issued on Tuesday said, “The attached assets include residential plots, apartments, farm houses and commercial buildings located in Delhi and Noida and bank deposits in the accounts of Pawan Malhan and Anita Malhan, directors of the firm M/s EBIZ.COM Pvt Ltd, their family members and associates. These assets have been attached as part of a provisional order issued under the Prevention of Money Laundering Act (PMLA).”

At present, Pawan Malhan and his son Hitik are under custody of the Telangana Police in the case, said the ED.

The company and its promoters “fraudulently collected about `1,064 crore from around 12 lakh subscribers, alleged the central probe agency.

Tags: prevention of money laundering act, ponzi scam