PMLA Court declares 2 POs, summons 15 in Ponzi scheme
Jalandhar, July 27
The Special PMLA Court of the Enforcement Directorate in Jalandhar has taken cognizance of an offence under Section 3 of the Prevention of Money Laundering Act against all 17 suspects in the Ponzi scheme of Rajasthan-based Nicer Green Housing and Infrastructure Developers India Ltd.
The scheme had affected thousands of investors in Punjab, Himachal Pradesh, and Rajasthan. The two main suspects in the case, including company director Pipal Singh and his son Gurkirat Singh, were declared Proclaimed Offenders (PO) in the case on July 19. In fresh orders, the Special Judge of PMLA Court, Nirbhow Singh Gill, has issued orders to summon the remaining suspects on November 27. The ED had attached 87 properties of the suspects worth Rs 5.84 crore in connection with the case provisionally.
The ED had initiated findings in the case on the basis of FIRs registered against the company’s directors under Sections 420, 120B, 306, 406, and 506 of the IPC. The ED recorded an Enforcement Case Information Report on March 25, 2019 for investigation, attachment, and prosecution in the matter.
As per the submissions, the suspect, Pipal Singh, his family members, and associates lured people to invest money in their companies through FDs and RDs with the promise of high returns on their investments, and a total of Rs 7.44 crore was invested by the people. However, after the maturity period expired, the suspects defaulted on returning the money to their investors. Out of the total proceeds of crime, some funds were withdrawn in cash from its bank account, and the same were invested in the purchase of immovable properties in different parts of Punjab, Madhya Pradesh, and Uttar Pradesh.
The ED officials have recorded the statements of 16 complainants under Section 50 of the PMLA. The officials have also recorded the statements of the suspects and the witnesses, after which the trial would proceed in court.
