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ED attaches assets worth Rs 35 crore to Vikram Investments in Ponzi scheme scam

The attached immovable properties having a value of Rs 34.21 crore are in the form of land, office spaces, and residential flats in various places in Bengaluru

Published: 03rd November 2021 10:20 AM  |   Last Updated: 03rd November 2021 10:20 AM   |  A+A A-

Enforcement Directorate

Enforcement Directorate (File Photo | PTI)

By Express News Service

BENGALURU: The Directorate of Enforcement (ED) has provisionally attached assets worth Rs 35.70 crore to Vikram Investments and other associates under the provisions of the Prevention of Money Laundering Act, 2002 in connection with the Ponzi investment scheme scam.

The attached immovable properties having a value of Rs 34.21 crore are in the form of land, office spaces, and residential flats in various places in Bengaluru and movable assets are in the form of bank balance and fixed deposits of Rs 1.49 Crore.

ED initiated a money-laundering investigation on the basis of an FIR dated March 3., 2018 registered at the Banashankari police station against Raghavendra Srinath and his associates KP Narasimhamurthy, M Prahlada, KC Nagaraj, and Sutram Suresh for cheating the public by luring them to invest in Vikram Investments, promising high returns under the guise of commodity trading.

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