Chit fund case:ED attaches Rs 2.09-crore assets of Rajasthan firm Oro Trade Network

The Enforcement Directorate (ED) has attached assets worth Rs 2.09 crore, including shopping complexes, of a Rajasthan- based company in connection with a chit fund money laundering case, the agency said Friday.

It said a provisional order under the Prevention of Money Laundering Act (PMLA) attaching the assets of the firm Oro Trade Network India (Ltd), a multi-level marketing company, has been issued.

The total value of the attached assets is Rs 2.09 crore, it said. The ED said it took over the case after taking cognisance of as many as 48 FIRs filed by the Rajasthan Police against the company and its directors under the Prize Chit and Money Circulation Scheme (Banning) Act, 1978.

TRENDING NOW

Global investment fund Saint Capital picks up stake in OK Play India

Indian equity market set to see inflow of $3.6 billion after US federal pension fund switches index

DB Realty promoters sell nearly 3% in company for Rs 301 crore; reinfuse capital to cut debt

Paytm shares slip after Berkshire Hathaway affiliate pulls the plug on Indian fintech firm

Novartis aims for 5% annual sales growth through 2027

MCX shares hit an all-time high after board decides to recover tech cost from MCXCCL for old platform

Chinese firms set for best earnings growth in seven years in 2024

Delhi air quality sees slight improvement after rainfall

Government to launch first round of auction of critical, strategic minerals on November 29; 20 blocks to be put on sale

Anil Singhvi strategy November 28: Important levels to track in Nifty50, Nifty Bank today

Mercedes-Benz inaugurates first German charging hub in Mannheim

BSE shares have zoomed over 280% in one year; Jefferies recommends buying the shares. Here is why

Commodity Capsule | Crude oil prices range-bound, copper moves up | Watch video

1:1 Bonus Share: This FMCG company approves bonus issue - Check Details

HPCL, BPCL and IOCL shares hit 52-week highs after crude oil prices slip below $80/barrel

The central probe agency described the modus operandi of the case and said its investigation found that "the company and its directors conspired and lured number of people to invest in their schemes by promising high returns and collected around Rs 44 crore in pursuance of criminal conspiracy, cheating and criminal breach of trust."?

It added that the company and its directors Satyendra Sharma and Sandhya Sharma acquired various immovable and movable properties "out of the proceeds of crime."

Watch This Zee Business Video

The ED has attached a total of Rs 7.55 crore properties in this case so far.

A charge sheet has also been filed by the ED in the case and the main accused Satyendra Sharma has been arrested and his bail has been rejected by the Rajasthan High Court, it said.