ED Cracks Down on Massive Ponzi Scheme in Tamil Nadu

The Enforcement Directorate conducted searches across multiple states in a money laundering investigation linked to a Tamil Nadu-based company, Aarudhra Gold Trading Pvt. Ltd. This ponzi scheme allegedly defrauded investors of over Rs 1,400 crore. The case involves multiple directors and agents, with principal accused V Rajasekhar still at large.

The Enforcement Directorate (ED) launched an extensive operation across several states, targeting a money laundering case tied to Aarudhra Gold Trading Pvt. Ltd. (AGTPL), a Tamil Nadu-based firm accused of operating a massive Ponzi scheme.

On Wednesday, raids took place at 21 locations, including Chennai and Kancheepuram in Tamil Nadu, as well as Mumbai, focusing on the company's directors and associates. This move follows a Chennai police FIR revealing that AGTPL enticed investors with promises of high returns and bonuses, amassing over Rs 1,400 crore.

The Economic Offences Wing prosecuted 40 individuals, including key AGTPL figures. The ED reported significant asset seizures during the raids, while the primary suspect, V Rajasekhar, remains on the run with his spouse.