ED chargesheets 12 people in 12-yr-old Gold Sukh Trade Ponzi scam
The Enforcement Directorate (ED) has filed a chargesheet against 12 persons in a multi level marketing and ponzi scheme fraud case in which 1,18,288 investors were duped of over Rs 215 crore during 2008-2011.
 
City-based Gold Sukh Trade India Ltd, its sister concern Gold Sukh Corporation Ltd and its directors Narendra Singh, Mahendra Kumar Nirwan, Manvendra Pratap Singh Chauhan, Pramod alias Bablu Sharma and others were charged.
 
The family members of the accused and other shareholders were also named in the chargesheet. The company and its directors, their relatives, shareholders, and team leaders had laundered money generated from the offences, and invested these amounts into various bank accounts for acquisition of immovable properties, foreign currencies, the ED said. As per the agency, the investments were made for the purpose of layering and integration so as to project the "proceeds of crime as untainted".
 
The ED took up the investigation of the case under Prevention of Money Laundering Act (PMLA) on the basis of nine FIRs registered by the Vidhayakpuri police station against Gold Sukh Trade India Ltd its directors, shareholders and team leader for mobilising public deposits during the period from 2008-09 to 2010-11. The state police has filed chargesheets and supplementary chargesheets against the accused persons under Indian Penal Code (IPC) and Prize Chit and Money Circulation Scheme (Banning) Act, 1978.
 
During investigation, the ED has already attached movable and immovable properties worth Rs 3.06 crore in connection with the case.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • Like this story? Get our top stories by email.

    User 

    IMA Ponzi scam-tainted IAS officer Vijayshankar commits suicide in Bengaluru
    Senior IAS officer B.M. Vijayshankar, who was reportedly involved in the multi-crore IMA Ponzi scam, allegedly committed suicide in his house, an official said on Tuesday. He was 59.
     
    "Vijayshakar was found hanging in a room on the first floor of his residence at Jayanagar in the city's southern suburb by his wife late evening," the official told IANS on anonymity.
     
    The incident came to light when Vijayshankar's wife who was in the ground floor, went up to meet him.
     
    The family informed the police and his body was sent to a state-run hospital for autopsy. 
     
    Vijayshankar was arrested and jailed after he was allegedly found involved in the multi-crore IMA scam in the city during 2018-19.
     
    "The Karnataka cadre officer was suspended from service when he was Deputy Commissioner of Bengaluru Urban district after he admitted to have taken Rs 1.5 crore bribe from the IMA scam kingpin Mohammed Mansoor Khan though he alleged to have sought Rs 5 crore from the latter.
     
    The state government revoked Vijayshankar's suspension recently and posted him as Commissioner of the Sakala scheme to provide citizen-related services in a stipulated time.
     
    "The officer was under pressure after he learnt that the state government has permitted the CBI, probing the scam, to interrogate and prosecute him," added the official.
     
    The amended Prevention of Corruption Act mandates the state government's sanction for a criminal inquiry into a government servant.
     
    As the Ponzi scam in the guise of Islamic banking involved investors in other states, with international ramifications, the BJP government transferred the case to the CBI in August from the Special Investigation Team (SIT) of the state police.
     
    Khan and 5 directors of I-Monetary Advisory (IMA) were arrested and jailed last year after their alleged involvement in the Rs 4,000-crore scam came to light in June 2019.
     
    The CBI also booked on February 4 two senior IPS-rank officers Ajay Hillori and Hemant Nimbalkar of the Karnataka cadre for their alleged role in the Ponzi scam that rocked the southern state last year.
     
    "Though the Reserve Bank of India (RBI) alerted the state government and the city police about the illegal activities of the IMA group, including raising illegal deposits from investors through cash or gold jewellery, assuring them hefty interest and returns on maturity, no action was taken against the company for allegedly indulging in the criminal act," a CBI official told IANS earlier, citing the FIR against the accused.
     
    The premier investigation agency has accused Nimbalkar of allowing IMA to carry out its illegal business by giving it a clean chit to carry on its business during his tenure as IGP in CID.
     
    Similarly, Hillori was accused of ignoring the central bank's warnings and furthering the interests of Khan at the expense of innocent investors and depositors.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • User 

    CBI seeks sanction to prosecute IAS officer, 2 others in I Monetary Advisory-IMA Ponzi scam
    Trouble mounts for Karnataka Cadre IAS officer B.M. Vijayshankar and two state service cadre officers as the Central Bureau of Investigation (CBI) seeks prosecution sanction against them to probe into allegation of taking bribe in the IMA ponzi scam, a financial fraud, worth Rs 4,000 crore.
     
    Sources said that the agency has sought prosecution sanction of IAS officer B.M. Vijayshankar, then Deputy Commissioner, Bangalore Urban, Karnataka service officer L.C. Nagaraj, then sub divisional officer Bangalore North Division and N. Manjunath, then village accountant and working under Nagaraj, from Karnataka government.
     
    "Vijayshankar and Nagaraj abused their official position to receive illegal gratification from I Monetary Advisory (IMA) group, its promoters and directors to favour their company in an enquiry," said government source.
     
    IMA scam came to limelight in 2018 and pertains to illegal collection of money from innocent people in the form of investments on various Ponzi schemes such as Monthly Plan, Education Plan, Marriage, etc. I Monetary Advisory (IMA) was planned and executed by group head Mohammed Mansoor Khan, who was deported from Dubai and was arrested by the probing agencies. 
     
    When the scam came to light Vijayshankar and Nagaraj were nominated as competent authority under Karnataka Protection of Interest of Depositors in Financial Establishments (KPID) Act, 2004 to probe the complaints against IMA group. 
     
    Local police after registering a case against IMA directors and promoters were also probing the case which was later transferred to the CBI.
     
    "Reserve Bank of India and Indian government had sent letters to conduct enquiry and take appropriate action against IMA and its entities, director for violating the government rules and running the ponzi companies illegally and luring public to deposit money in their companies and misusing the large amount of money deposited by the investors," source said.
     
    On enquiry, though it was found that the IMA and its entities were violating the government rules and illegally misusing large amount invested by public, Vijayshankar and Nagaraj "intentionally" neglected and submitted a report to the government in favour of IMA and its entities by obtaining "illegal gratification from IMA" and thereby helping IMA and its entities to continue their illegal activities.
     
    It was further alleged that Manjunath, while working as village accountant entered into criminal conspiracy with Vijayshankar and Nagaraj and as per their directions acted as mediator and contacted IMA and obtained illegal gratification from himself and for them to favour the company.
     
    During the probe it was found that Nagaraj received Rs 50 lakh bribe in November 2018. Later in the first week of March 2019, he received Rs 2 crore twice - totalling Rs 4 crore -- as illegal gratification through Manjunath.
     
    After that the file pertaining to IMA group companies reached the office of Vijayshankar, he also demanded Rs 2 crore from IMA for forwarding a favourable report. After negotiation, he settled for an amount of Rs 1.50 crore, sources said. Manjunath also received a bribe for mediating the deal.
     
    The three government officials' role came to notice during the CBI probe into the scam. CBI had formed a 12-Member Multi Disciplinary Investigation Team (MDIT) comprising of its investigators who are being assisted by Chartered Accountants, Forensic Auditor, Computer Forensic Experts and Bankers.
     
    The CBI found that these law enforcers allegedly took bribes to favour the financial fraud and then filed another FIR against these three accused people in 2019.
     
    In the IMA scam case, the agency has filed two chargesheets against 22 accused and the probe is still on.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
  • Like this story? Get our top stories by email.

    User 

    COMMENTS

    Aar Aar

    4 weeks ago

    consists of = comprises

    We are listening!

    Solve the equation and enter in the Captcha field.
      Loading...
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email
    Close

    To continue


    Please
    Sign Up or Sign In
    with

    Email

    BUY NOW

    online financial advisory
    Pathbreakers
    Pathbreakers 1 & Pathbreakers 2 contain deep insights, unknown facts and captivating events in the life of 51 top achievers, in their own words.
    online financia advisory
    The Scam
    24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
    Moneylife Online Magazine
    Fiercely independent and pro-consumer information on personal finance
    financial magazines online
    Stockletters in 3 Flavours
    Outstanding research that beats mutual funds year after year
    financial magazines in india
    MAS: Complete Online Financial Advisory
    (Includes Moneylife Online Magazine)
    FREE: Your Complete Family Record Book
    Keep all the Personal and Financial Details of You & Your Family. In One Place So That`s Its Easy for Anyone to Find Anytime
    We promise not to share your email id with anyone