Lagatar24 Desk
New Delhi, March 6: In an ongoing investigation under PMLA (Prevention of Money Laundering Act, 2002) linked to the investment fraud of Pankaj Mehadia and others, the Directorate of Enforcement (ED) has undertaken search and survey operations at 15 different locations in Nagpur and Mumbai.
The homes and workplaces of Pankaj Mehadia, Lokesh Jain, and Karthik Jain, who was the primary accused of the alleged scheme, were searched on Friday. Moreover, searches were conducted at the primary beneficiaries’ homes and offices.
During the searches, gold and diamond jewellery worth Rs. 5.51 crore, cash totaling about Rs. 1.21 crore, digital gadgets, and several incriminating documents were found.
Maharashtra | ED has conducted searches & survey at 15 locations in Nagpur & Mumbai in relation to the investment fraud by Pankaj Mehadia, Lokesh & Kathik Jain. Unaccounted jewellery worth Rs 5.51 crore and cash Rs 1.21 crore has been seized. Further investigation is underway:ED pic.twitter.com/xXMrq7eXw1
— ANI (@ANI) March 6, 2023
“ED initiated PMLA investigation based on the predicate FIR registered at Sitabuldi Police Station, Nagpur, against Pankaj Nandlal Mehadiya, Lokesh Santosh Jain, Kartik Santosh Jain, Balmukund Lalchand Keyal, Premlata Nandlal Mehadiya in a fraud causing loss to investors in crores of rupees,” the enforcement agency said in a release on Monday.
The investigation, according to the press release, showed that Pankaj Nandlal Mehadia and his cohorts were operating a Ponzi scheme and luring investors by providing a profit guarantee of 12% after deducting TDS (Tax Deducted at Source) on investments made between 2004 and 2017.
According to the enforcement agency, the accused ran a Ponzi scheme from 2005 to 2016 in which they promised investors profits in order to get them to invest higher sums of money in the affiliated businesses/companies, but eventually did not refund their investors’ money.
Further investigation into the case is under progress.
