ED Seizes Over Rs. 1 Crore in Ponzi Scheme Crackdown

The Enforcement Directorate raided 16 locations in Uttar Pradesh, uncovering over Rs. 1.02 crore in cash and documents related to 88 properties linked to the Kalpataru Group's Ponzi scheme. Key figures include Mithilesh Singh, wife of the deceased main accused, and several associates.

In a sweeping operation against financial fraud, the Enforcement Directorate (ED) in Lucknow on Wednesday seized over Rs. 1.02 crore in unexplained cash, alongside sale deeds, and documents of 88 immovable properties.

This significant haul of evidence was gathered during search operations concerning a Ponzi or multi-level marketing scheme associated with the Kalpataru Group of Companies.

The ED's raids on 16 locations across Agra, Mathura, and Noida targeted several individuals, including Mithilesh Singh, widow of the late Jai Kishan Rana, allegedly involved in the scheme, as well as chartered accountants and brokers linked to the group.