Ranchi, Feb 16 (NationPress) In a significant move, the Enforcement Directorate's Ranchi Zonal Office has submitted a chargesheet to the special court in Ranchi on Monday under the Prevention of Money Laundering Act (PMLA), targeting Maxizone Touch Private Limited along with its directors, Chander Bhushan Singh and Priyanka. The investigation revolves around a widespread multi-level marketing scam that defrauded 16,927 investors across the nation through a traditional Ponzi scheme, which promised unrealistic lifetime monthly returns of 15 percent, as stated by the ED in a press release.

The inquiry was initiated following numerous FIRs filed by Jharkhand Police at the Sakchi and Govindpur police stations in Jamshedpur, citing various sections of the Indian Penal Code.

The accused are alleged to have attracted investors by guaranteeing high returns through their enterprise, accumulating considerable funds, only to suddenly stop payments and vanish. Both directors were declared proclaimed offenders as of March 3, 2023, according to the ED.

Investigations have indicated that the company did not engage in any legitimate trading or business practices. Instead, funds from new investors were utilized to pay returns to earlier investors, a classic indication of Ponzi schemes.

To enhance their credibility, the accused falsely asserted their status as an NSE Authorised Person, misleading the public.

The Reserve Bank of India confirmed that the company lacked NBFC registration, further unraveling the fraud.

A forensic examination of digital devices seized from Chander Bhushan Singh revealed the extensive nature of the scam, with total proceeds of crime reaching Rs 521.69 crore from 16,927 victims. Of this amount, Rs 249.45 crore was allegedly recycled as fictitious returns to maintain the facade of profitability, while Rs 58.27 crore was diverted into real estate, gold jewelry, and cryptocurrency, including 27,457 USDT (United States Dollar Tether).

To hide these illegal funds and escape law enforcement, the accused reportedly forged an Aadhaar card under the name of Deepak Singh, as stated.

The ED provisionally attached properties valued at Rs 11 crore through an order dated December 12, 2025.

Prior searches across five states uncovered incriminating evidence, including documents, electronic devices, gold jewelry, 27,457 USDT in cryptocurrency, and Rs 10 lakh in cash.

Both directors were apprehended on December 16, 2025, under Section 19 of the PMLA and are currently in judicial custody at Birsa Munda Central Jail in Ranchi, the ED reported.

The agency emphasized how the fraudsters portrayed laundered proceeds as legitimate assets to deceive law enforcement. The ongoing investigation, bolstered by RBI information, aims to uncover additional assets and dismantle the extensive network.

This case highlights the escalating threat of Ponzi and MLM scams that prey on unsuspecting investors with promises of quick wealth, urging calls for more stringent regulation of such operations.