Hyderabad: ED officials on Saturday raided offices of a private firm in Hyderabad and attached Rs 3.04 crore worth properties after booking a fraud case against the promoters.
“ED attached assets worth Rs 3.04 crore under PMLA in a multi-level marketing case against Vishwajyothi Realtors Pvt. Ltd. Hyderabad,” ED officials said in an official release.
ED found that the firm promoted by T. Pramod alias Pradeep had allegedly floated a dubious scheme under which a person can become its member by paying Rs 10,000 and for which commission of Rs 100 would be paid per day for 400 days.
The commission would be raised if the member gets more customers. From the money collected, the promoters had paid Rs 23,45,59,627 commission to members. From the balance of Rs 10.95 crores, gifts were given to members, land and a car were purchased and advances given for purchase of properties, officials said.
“Cash balance totalling Rs 2,96,78,316.72 from various bank accounts besides immovable properties in the form of land valued at Rs 7,47,000 were identified and the same have been attached vide Provisional Attach-ment Order No 05/2017 dated 31.03.2017,” the ED said in an official release.
Earlier, Hyderabad police had booked a case against Vishwajyothi Realtors and its director Tata Pramod under Prevention of Money Laundering Act, 2002, Section 420 (cheating) of Indian Penal Code, 1860 and under various provisions of the Prize Chits and Money Circulation Scheme (Banning) Act, 1978.