Massive Raids Uncover Rs 1,500 Crore Ponzi Scheme by Kerala Company

The Enforcement Directorate (ED) conducted raids in multiple states, unearthing a Rs 1,500 crore Ponzi scheme orchestrated by Kerala-based HighRich Online Group. The investigation revealed the freezing of Rs 32 crore, seizure of Rs 70 lakh in cash, jewellery, vehicles, and the involvement in cryptocurrency trading.

In a significant development, the Enforcement Directorate (ED) raided several locations across different states, revealing a Rs 1,500 crore Ponzi scheme orchestrated by HighRich Online Group, a Kerala-based company.

The operation, initiated on June 11, targeted the company's promoters in Kerala, Maharashtra, and Chhattisgarh.

Origins of the money laundering case trace back to multiple FIRs filed by Kerala Police, uncovering immovable properties worth Rs 15 crore, cash, jewellery, and involvement in cryptocurrency trading.

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