ED attaches assets worth Rs 1.71 cr in money laundering case in Himachal's Una
Feb 28, 2023
Una (Himachal Pradesh) [India], February 28 : Enforcement Directorate (ED) provisionally attached movable and immovable assets worth Rs 1.71 crore of two promoters of a Una-based firm in a case related to cheating of gullible investors, said the probing agency on Tuesday.
According to ED, the assets in the form of land, buildings and vehicle belonging to Praveen Kumar and Vijay Kumar were attached under the Prevention of Money-laundering Act (PMLA), 2002 in the case of M/s India Advertisement Services.
ED initiated a money laundering investigation on the basis of an FIR registered by Himachal Pradesh Police under various sections of IPC, 1860.
ED investigation revealed that Parveen Kumar and Vijay Kumar started a pyramid scheme through India Advertisement Services at Una, Himachal Pradesh. Investors were promised a monthly salary on the purchase of subscriptions to the App of India Advertisement Services.
The investors were then duped as they were nudged to attract more and more customers to buy similar subscriptions. The accused cheated thousands of such innocent small investors and fled with their savings. The total proceeds of crime, in this case, is Rs 3 crore (approx), said the ED statement.
The investigation further revealed that Parveen Kumar and Vijay Kumar acquired multiple movable and immovable properties using the funds collected by cheating and defrauding investors. Assets in the form of land, buildings and vehicle to the tune of Rs 1.71 Crore have been attached as per provisions of PMLA.
Further investigation is in progress.
