In a case of duping investors through a chit fund scam, Enforcement Directorate (ED) has attached properties worth ₹2.09 crore of a multi-level marketing company, Oro Trade Network India , its directors Satyendra Sharma and his family. It has attached shopping complexes and residential properties situated across Rajasthan and Gujarat under the provisions of Prevention of Money Laundering Act, 2002 (PMLA).
Investigation by ED under PMLA revealed that the company and its directors conspired and lured number of investors to invest in their schemes by promising high returns and collected around ₹44 crore in pursuance of criminal conspiracy, cheating and criminal breach of trust. Four provisional attachment orders worth ₹7.55 crore were issued, a press statement issued by ED said.
A prosecution complaint under Section 45 of PMLA, 2002 for the offence of money laundering has been filed against seven persons and entities in the case.
“Non bailable warrants against all the accused persons have been issued by the Special Court, PMLA and the main accused Satyendra Sharma alias Rahul Sharma has been arrested and his bail application has also been rejected by the Rajasthan High Court,” the note added.
Around 48 FIRs were registered by the state police authorities under Prize Chit and Money Circulation Scheme (Banning) Act, 1978 against the company and its directors and investigation was conducted by the Special Operation Group , Jaipur and charge sheets have been filed.