Chennai, Nov 27 (NationPress) The Enforcement Directorate (ED) has escalated its investigation into one of Tamil Nadu's most significant investment frauds, executing search operations across four cities related to the enormous scam involving Aarudhra Gold Trading Pvt. Ltd. (AGTPL).

In accordance with the Prevention of Money Laundering Act (PMLA), 2002, the ED's Chennai Zonal Office announced that it conducted synchronized raids on Thursday at 21 locations across Chennai, Kancheepuram, Mumbai, and Kolkata.

This investigation stems from an FIR lodged by the Economic Offences Wing (EOW), Chennai, which previously charged AGTPL and its Directors under various provisions of the IPC, the Banning of Unregulated Deposit Schemes Act, 2019, and the RBI Act, 1934.

The EOW claims that the firm lured thousands of depositors with promises of extraordinary monthly returns ranging from 10% to 30%, alongside additional perks such as gold coins, monthly payouts, and referral commissions of up to 2% on investments as high as Rs 5 lakh.

The alleged scam is extensive in scope, with police documentation indicating that 1,04,433 depositors have come forward, reporting losses of approximately Rs 2,438 crore as of June 2023. The total default amount has been assessed at Rs 1,404 crore.

Despite numerous summons and an ongoing investigation, the main accused, V. Rajasekhar, and his spouse continue to evade capture.

As part of the money-laundering investigation, the ED scrutinized various bank accounts associated with AGTPL and related entities.

This analysis uncovered total financial activities amounting to around Rs 2,000 crore, including 1,230 high-value debit transactions exceeding Rs 10 lakh each, totaling nearly Rs 1,060 crore.

Investigators suspect that many of these transactions are part of a complex network of circular fund movements among multiple accounts, aimed at obscuring the origins and uses of illicit deposits.

Evidence suggests a significant diversion of investor funds for personal and non-business purposes. Statements from individuals involved in substantial financial dealings with the firm have provided further insights into the diversion and layering of funds.

During the raids, it was discovered that several individuals listed as AGTPL Directors were merely nominal figures, holding insignificant roles and lacking actual participation in the company's operations.

The ED seized critical documents, digital records related to investment schemes, property holdings, and fund flows.

Cash totaling Rs 22 lakh was confiscated, along with property documents valued at over Rs 1.5 crore. The agency indicated that further investigations are ongoing to trace additional assets, monitor fund flows, and identify the complete network of individuals involved in this extensive Ponzi scheme.