HYDERABAD: Enforcement Directorate (ED) has a filed a prosecution complaint against Radhe Shyam and Bansi Lal, directors of multi-level marketing firm Future Maker Lifecare Private Limited under the Prevention of Money Laundering Act (PMLA).
The complaint was filed before the special judge (PMLA) at Panchkula. ED had initiated its investigation on the basis of various FIRs registered in Telangana and Haryana under sections of criminal conspiracy, cheating and sections of the prize chit and money circulation for cheating lakhs of investors.
Radhe Shyam and Bansi Lal, both residents of Haryana, had floated companies in the name of Future Maker Life Care Private limited and FMLC Global Marketing Private Limited and allegedly cheated several people. ED, in its complaint, said: “The MLM scheme consisted of a pyramidal structure, where the persons at the top of the pyramid gain at the behest of the losses borne by the persons at the base of the pyramid. Investigation conducted under PMLA revealed that around 31 lakh investors lost their money by making investments in the schemes floated by the accused.”
“In this scheme, the initial investors were paid high returns to attract more people and current investors to invest more money. When other investors begin to participate, a cascade effect began,” it added.
The complaint added that Radhey Shyam used to lure innocent persons through speeches at seminars conducted across India, promising high returns of up to 5 to 8 times the investment in two years. Bansi Lal, on the other hand, was the financial mastermind whose role consisted of layering and laundering of the tainted money collected from the investors in various concerns which were just on paper. The funds so collected were diverted into the bank accounts of their family members and thereafter properties were acquired using the ill-gotten money.
On identification of these assets in the form of a flat in Chandigarh, two in Delhi, agricultural land, balances in bank accounts, cash, all worth Rs 261.3 crore, was seized, they were provisionally attached under the PMLA, which was also confirmed by the adjudicating authority.
Now, the prosecution complaint has been filed before PMLA court, Panchkula.