ED takes possession of J'khand company's assets in money laundering case

He conspired with other proprietorsdirectors to cheat the investors and developed software in the name DJN Commodities for conducting offline trading. DJN Commodities was collecting public deposits offline in the name of conducting online trading with the promise to offer return at high rate of interest per month, the ED alleged.The accused, it said, indulged in money circulation activity and told depositorsinvestors that the company was doing online trading with their deposit money.

The Enforcement Directorate (ED) on Thursday said it has taken possession of assets worth Rs 1.01 crore of a Jharkhand-based jewelry firm in a money-laundering probe linked to a Ponzi case.

The agency had attached these properties in December 2019 and this provisional order was recently approved by the Adjudicating Authority, as per the scheme of the Prevention of Money Laundering Act (PMLA).

A total of 11 immovable properties (worth Rs 1.01 crore) belonging to DJN Jewellers Pvt Ltd -- that is represented through CMD Jeetendra Mohan Sinha, Vipin Kumar Sinha, Ram Kishun Thakur, and Vishal Kumar Sinha -- have been taken possession of in a chit fund scam case, the ED said in a statement.

The properties are in the form of flats, shops, and plots located in the state capital Ranchi and two other districts of Latehar and Garhwa. ''DJN Commodities was registered with MCX, Mumbai under the proprietorship of Vishal Kumar Sinha. He conspired with other proprietors/directors to cheat the investors and developed software in the name DJN Commodities for conducting offline trading.'' ''DJN Commodities was collecting public deposits offline in the name of conducting online trading with the promise to offer return at a high rate of interest per month,'' the ED alleged.

The accused, it said, indulged in ''money circulation'' activity and told depositors/investors that the company was doing online trading with their deposit money. The accused created an ''ingenious scheme of recurring deposits in a jewelry shop to dupe the innocent investors/depositors and to rob their hard-earned money,'' it claimed.