Enforcement Directorate (ED) took major action in Loni Urban Multi-State Credit and Thrift Co-Operative Society scam, M/s Bhaskar InfraCon LLP and M/S Castle Height of Rs 4.80 crore of Rs 4.80 crore Is. These properties are located in Jhansi (Uttar Pradesh) and Bhopal (Madhya Pradesh), including land and buildings.
ED investigation revealed that Loni Urban Multi-State Credit & amp; Thrift Co-operative Society, Lustiness Janhit CREDIT CO-Operative Society Limited (LJCC) and Optionone Industries Ltd lured people to give more returns on investment. He invested under schemes like Recurring Deposit (RD) Fixed Deposit (FD) and Monthly Income Plan."Text-Align: justify;"> agents gave great greed
These companies recruited agents, who were given heavy commissions, foreign trips, expensive vehicles and other greed. The agents explained to the people that if they invest, their money will be double in 4-5 years. By luring more interest rate from the bank, he deposited money in cash and in return gave fixed deposit certificate/bond or passbook, which gives the investor confident that his money is safe.
Company officials and agents absconding with money
The scamsters tried to win the trust by returning money to some investors in the initial years, which more people started investing money in these schemes, but when investment If the amount was very high, then the prominent officers and agents of the company escaped with money and people did not get their money back. Asked, the agent and the responsible people of the company started abusing and refused to pay. After this, the affected investors lodged a complaint with the police, after which the investigation started.
A company was formed to hide the identity of the real owner Invested in, so that the identity of the real owner could be hidden. Many properties were purchased in Jhansi, which were later sold and sent here and there on the instructions of Sameer Agarwal.
Apart from this, another accused took 25% partnership in M/s Castle Heights. This company used to do real estate broking work in Bhopal and through this many immovable properties were purchased.
ED has continued further investigation in this matter. More properties can also be confiscated in this. People involved in this scam are also being searched.
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