Imphal, Jan 1 (NationPress) The Enforcement Directorate (ED) has enacted a second Provisional Attachment Order (PAO), seizing assets valued at Rs 33.66 crore linked to two private firms in Manipur, their sole director, and others, as part of an alleged fraud case affecting nearly 5,000 unsuspecting investors, officials revealed.

The Imphal Sub-Zonal office has issued the second PAO against M/s Birla Emporium Pvt Ltd, M/s Ira Finance Pvt. Ltd., its Director Yumnan Irabanta Singh, and others in connection with the cheating of 5,000 investors.

The ED's investigation was prompted by an FIR filed by the CID (Crime Branch), Manipur, under various sections of the Indian Penal Code (IPC), 1860, against Yumnam Irabanta Singh, Director of M/s Birla Emporium Pvt. Ltd. and M/s Ira Finance Pvt. Ltd.

According to the allegations, between 2019 and 2021, Yumnam Irabanta Singh was running a deceptive investment scheme that lured investors with promises of high returns, but ultimately he and his associates misappropriated substantial amounts from individual depositors. The investigation uncovered that Singh and his companies were engaging in an unauthorized deposit scheme by soliciting significant funds from the public, guaranteeing exorbitant returns.

The ED reported that Singh and his associates deceived approximately 5,000 investors in Manipur, resulting in a wrongful loss exceeding Rs 250 crore for these naive depositors, while he gained illicitly.

Additionally, it was discovered that M/s Birla Emporium Private Limited and M/s Ira Finance Private Limited were extending loans to the public against property security (Loan Against Property), with the properties of borrowers being transferred and registered under the names of the Directors and staff of M/s Birla Emporium Private Limited through executed sale deeds.

The ED indicated that the firm ceased operations for depositors in the first quarter of 2020 without reimbursing the promised funds.

Properties registered in the names of the promoters have remained under their custody without any restitution. Moreover, these funds, categorized as Proceeds of Crime (POC), were subsequently utilized for acquiring multiple properties. Previously, the ED identified and provisionally attached various movable and immovable assets linked to M/s Birla Emporium Pvt. Ltd., Yumnam Irabanta Singh, and his associates, totaling Rs 28.02 crore.

A prosecution complaint aimed at the confiscation of these attached properties has been lodged before the Special PMLA (Prevention of Money-Laundering Act) court in Imphal East on 06.06.2025 against M/s Birla Emporium Pvt. Ltd., Shri. Yumnam Irabanta Singh, and others.

Further investigations led to identifying 121 additional immovable properties registered under the names of M/s Birla Emporium Pvt. Ltd., M/s Ira Finance Pvt. Ltd., Yumnam Irabanta Singh, and his associates, acquired through POC.

In this context, the immovable assets amounting to Rs 33.66 crore have been provisionally attached. Overall, a total of Rs 61.68 crore linked to various movable and immovable properties in the names of M/s Birla Emporium Pvt. Ltd., Yumnan Irabanta Singh, and his associates have been provisionally attached. The investigation is ongoing.