The Enforcement Directorate (ED) has seized movable and immovable properties worth Rs 5,944 crore of Vaibhav Dipak Shah, Sagar Diamonds. RHC Global Exports and its affiliates under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) in connection with the alleged Power Bank app fraud.
The enforcement agency said it has launched an investigation based on various FIRs registered by Uttarakhand Police, Delhi Special Inspectorate Police and Karnataka Police.
What is the power bank app fraud incident?
In June 2021, the Delhi Police Cyber ​​Cell arrested several people for allegedly duping people of Rs 150 million using fake apps from Google Play Store. These apps promised a high return on investment at attractive rates. They lured customers into using the app by promising him a 5% to 10% return on the amount invested. If you manage to attract interest from potential investors, they will take the funds and go silent. User accounts were also blocked. These apps are Power Bank app, Tesla Power Bank app, and Ezplan. These are posted on digital platforms such as the Google Play Store and, according to the ED, are aimed at “causing gullible citizens” of India to invest in schemes that falsely guarantee huge profits. .
What ED said
According to the report, investigations have revealed that several Chinese nationals, as part of a larger conspiracy, were working in India with the assistance of Chartered Accountants and Company Secretaries (CA/CS) for the sole purpose of deceiving Indian citizens. It was revealed that he had established numerous dummy companies. ) and other Indian experts. Prior to this, the ED had conducted an investigation in connection with the incident, which revealed that the persons and entities involved had siphoned off huge amounts of funds abroad under the guise of fake imports. During the search, currency and valuables worth Rs 10.34 billion were seized and bank accounts with a balance of Rs 14.81 billion were frozen.
“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.
The enforcement agency said it has launched an investigation based on various FIRs registered by Uttarakhand Police, Delhi Special Inspectorate Police and Karnataka Police.
What is the power bank app fraud incident?
In June 2021, the Delhi Police Cyber ​​Cell arrested several people for allegedly duping people of Rs 150 million using fake apps from Google Play Store. These apps promised a high return on investment at attractive rates. They lured customers into using the app by promising him a 5% to 10% return on the amount invested. If you manage to attract interest from potential investors, they will take the funds and go silent. User accounts were also blocked. These apps are Power Bank app, Tesla Power Bank app, and Ezplan. These are posted on digital platforms such as the Google Play Store and, according to the ED, are aimed at “causing gullible citizens” of India to invest in schemes that falsely guarantee huge profits. .
What ED said
According to the report, investigations have revealed that several Chinese nationals, as part of a larger conspiracy, were working in India with the assistance of Chartered Accountants and Company Secretaries (CA/CS) for the sole purpose of deceiving Indian citizens. It was revealed that he had established numerous dummy companies. ) and other Indian experts. Prior to this, the ED had conducted an investigation in connection with the incident, which revealed that the persons and entities involved had siphoned off huge amounts of funds abroad under the guise of fake imports. During the search, currency and valuables worth Rs 10.34 billion were seized and bank accounts with a balance of Rs 14.81 billion were frozen.
“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.
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