Ponzi Scheme Crackdown: ED Seizes Rs 1.02 Crore in Uttar Pradesh Raids

The Enforcement Directorate seized Rs 1.02 crore in cash during raids in Uttar Pradesh linked to a Kalptaaru Group Ponzi scheme money laundering case. The group allegedly defrauded investors, promising high returns and properties, with 74 FIRs filed against them. Assets worth Rs 84 crore were provisionally attached.

The Enforcement Directorate (ED) made a significant breakthrough in a money laundering case involving the Kalptaaru Group. On Thursday, the agency seized Rs 1.02 crore in cash following multiple raids across Uttar Pradesh targeting locations connected to the alleged Ponzi scheme.

The operations on Wednesday were extensive, covering 16 premises in Agra, Mathura, and Noida. These were linked to Mithilesh Singh, widow of the main accused Jai Kishan Rana, as well as various associates including chartered accountants, brokers, and agents.

The Kalptaaru Group stands accused of defrauding numerous investors, enticing them with promises of high returns and property deals. At the heart of the investigation are 74 FIRs registered by Uttar Pradesh Police. The ED claims that assets worth Rs 84 crore were provisionally attached, with total proceeds of crime estimated at Rs 681 crore. The agency has submitted a chargesheet to a special court in Ghaziabad.

(With inputs from agencies.)