ED attaches Rs 1.64-cr worth properties of NGHI Developers India Ltd in connection with Ponzi scheme fraud
Feb 29, 2024
Jalandhar (Punjab) [India], February 29 : Directorate of Enforcement (ED), Jalandhar has provisionally attached 64 properties worth Rs 1.64 crore of NGHI Developers India Ltd and its other group companies in connection with a Ponzi Scheme Fraud which affected thousands of investors across the states of Punjab, Rajasthan and Himachal Pradesh.
"The properties attached include immovable properties situated at Gwalior, Guna, Bhind and Datia in Madhya Pradesh," as per a press release from the ED.
ED initiated investigation under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in compliance of the directions of the Hon'ble High Court of Punjab and Haryana.
"The enquiries conducted by the ED revealed that multiple FIRs were found registered at different Police Stations in Punjab, Rajasthan and Himachal Pradesh under various sections of IPC, 1860 against Pipal Singh, the Managing Director of Nicer Green Group companies and others based on the complaints filed by affected investors," the ED said.
ED investigation revealed that multiple companies were formed/incorporated by the main accused, Pipal Singh and his associates.
"The directors of Nicer Green Group Companies had generated proceeds of crime (PoC) by luring the general public to make investments with the group companies in the form of FD(s)/RD(s) on a false promise of high returns on their investments. After expiry of maturity, the accused persons defaulted in returning money to the investors, thereby cheating them of their hard earned money," the ED said in the release.
Further, investigation in the case revealed that the POC had been diverted and further utilized to acquire various immovable properties purchased in Madhya Pradesh in the names of M/s NGHI Developers India Limited and other group companies.
"On February 24, 2023, 87 properties worth Rs 4.15 crore of M/s NGHI Developers India Ltd and its other group companies were provisionally attached by ED," as per the release.
Further investigation is underway, the ED said.
