Bhopal, Feb 6 (NationPress) The Enforcement Directorate (ED) from the Bhopal Zonal Office has submitted a chargesheet against Ajay Tidke and others regarding the Double Money scam that occurred in Balaghat district, Madhya Pradesh.

The complaint was presented to the Hon'ble Special PMLA Court in Jabalpur on January 30. Following this, notices for pre-cognizance hearings have been dispatched to the alleged perpetrators, according to an ED press statement issued on Thursday.

The investigation was initiated based on three FIRs lodged at Lanji and Kirnapur police stations in Balaghat district, under Sections 21(1) and 21(2) of the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019, alongside various sections of the Indian Penal Code (IPC), 1860.

The probe uncovered that Ajay Tidke and his associates ran a deceptive “Double Money” scheme for around six months, enticing the public to invest by falsely claiming they would double their money in a brief timeframe.

The accused collectively managed an unregulated deposit scheme, issuing post-dated cheques while promising guaranteed returns on the invested sums. Investigations indicated that approximately Rs 1450 crore was amassed from investors, as noted in the press release.

During the investigation, the ED's Bhopal Zonal Office issued two Provisional Attachment Orders (PAOs), attaching assets valued at Rs 2.98 crore and 25 immovable properties worth Rs 1.50 crore, culminating in a total of Rs 4.48 crore.

One of the PAOs has already received confirmation from the adjudicating authority under PMLA. The confiscation of assets restrained or attached by competent authorities has also been requested by the Central Government under PMLA provisions.

Bank balances in the names of Mahesh Tidke, Ajay Tidke, Tidke Brothers, and other affiliated entities, totaling Rs 12.91 crore, have been frozen under the BUDS Act, 2019, and IPC, 1860, as these accounts were implicated in the commission of money laundering, according to the release.

Cash amounting to Rs 11.89 crore was seized from the accused's premises and identified as proceeds from the unregulated deposit scheme. Furthermore, 54 immovable properties acquired by the accused were documented.

The inquiry further confirmed that the accused methodically collected deposits from a vast number of investors by making fraudulent promises of exceptionally high returns without any legitimate business operations.

The funds gathered were misappropriated and laundered through various bank accounts held by the accused, their families, associates, and controlled entities, showcasing a deliberate attempt to conceal, layer, and integrate the proceeds of crime.

It was also revealed that the proceeds of crime were utilized to acquire movable and immovable properties in the names of the accused, their families, and associates. A clear and unbroken money trail linking investor funds to such properties was established during the investigation.