The Executive Directorate has valuable attached assets INR59.44 billion belongs to Vaibhav Dipak Shah, Sagar Diamonds. RHC Global Exports and its affiliates are under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) in connection with the alleged Power Bank app fraud. The action was taken based on an FIR registered by Uttarakhand Police, Delhi Special Inspectorate Police and Karnataka Police.
The Enforcement Directorate said that some Chinese people, with the help of chartered accountants and company secretaries, had set up several shell companies in India with the aim of deceiving Indian citizens. To attract the public with high return on investment, his three software applications have been created on Google Play Store: Power Bank App, Tesla Power Bank App, and Ezplan.
In June 2021, the Delhi Police Cyber Inspectorate arrested several persons for allegedly duping a large number of people. INR150 million fake apps were used on Play Store. According to a TOI report, these applications may block a user’s account after securing payments from unsuspecting customers.
The ED conducted raids in connection with the case and revealed that the accused and entities associated with the case were transferring huge amounts of funds abroad on the pretext of fake imports.The agency recovered valuable assets. INR10.34 billion. Bank accounts with total balances were also seized. INR14.81 billion.
“In this case, an interim attachment order was also issued on February 6, 2022, attaching a sum of Rs 4.92 billion.Three persons were arrested in this case and on April 25, 2023, A charge sheet has been filed and the same is being heard in the PMLA Special Court in New Delhi,” the ED said.
With input from ANI