Jharkhand ponzi case: ED raids in three cities in Uttar Pradesh

The Enforcement Directorate on Thursday conducted searches in three cities of Uttar Pradesh as part of a money laundering investigation into the operations of a Jharkhand ponzi scheme that is alleged to have duped depositors to the tune of Rs 300 crore, officials said.

At least 20 premises in Noida, Ghaziabad and Meerut are being searched in the case related to Maxizone ponzi scheme that was allegedly operated by two people -- Chandra Bhushan Singh and Priyanka Singh.

The two accused are currently lodged in jail under judicial custody after they were arrested by the Jharkhand Police few months back.

The Ranchi zonal office of the federal probe agency is conducting the search operation.

It is alleged that the investors were duped for over Rs 300 crore by promising unrealistic returns through the scheme, the officials said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)