What Led to the Rs 521 Crore Fraud Case? ED Conducts Multiple Searches
Click to start listening
Synopsis
The ED’s recent operations reveal a massive fraud scheme involving unauthorized deposits of Rs 521 crore. As the search continues across multiple states, crucial evidence has been seized that could lead to significant legal repercussions for the accused. Discover how this scandal unfolded and impacted countless investors.
Key Takeaways
- ED conducted searches across multiple states.
- Incriminating evidence was recovered, revealing extensive fraud.
- Unauthorized deposits of Rs 521 crore were collected.
- Directors have evaded law enforcement for three years.
- Fraudulent MLM schemes pose significant risks to investors.
New Delhi, Sep 19 (NationPress) In a significant move in a financial fraud investigation, the ED has discovered incriminating documents during searches conducted in Delhi, Noida, Ghaziabad, Vaishali (Bihar), and Dehradun against a company that deceived investors and amassed unauthorized deposits totaling Rs 521 crore across 21 bank accounts, as reported by an official on Friday.
The Directorate of Enforcement (ED), Ranchi Zonal Office executed search operations on September 16 targeting Maxizone Touch Pvt. Ltd. along with its directors Chander Bhushan Singh and Priyanka Singh.
According to the ED, both Chander Bhushan Singh and Priyanka Singh have absconded with public funds and have been actively evading law enforcement agencies, including police from Jharkhand, Rajasthan, and Assam for the past three years.
Multiple locations in Delhi, Noida, Ghaziabad, Vaishali (Bihar), and Dehradun were searched under the Prevention of Money Laundering Act (PMLA), 2002.
The ED's investigation began following multiple FIRs filed by police in Jharkhand, Bihar, Uttar Pradesh, Rajasthan, and Karnataka against the company and its directors for defrauding the public.
Investigations revealed that the accused masterminded a fraudulent Multi-Level Marketing (MLM) scheme, enticing the public with promises of substantial monthly returns and appealing referral bonuses.
Through this method, they gathered unauthorized deposits exceeding Rs 521 crore across at least 21 bank accounts, generating vast Proceeds of Crime (PoC), according to the ED.
The inquiry indicated that the accused laundered these illicit funds by acquiring numerous properties through benami transactions and converting the deposits into cash.
To hide their identities and evade capture, the offenders employed fake identity documents, including a pseudonym 'Deepak Singh', and frequently changed their locations.
During the search operations, the ED uncovered and seized a substantial amount of incriminating evidence, which included fake identity cards, handwritten notes and diaries detailing significant financial transactions and cash dealings, information on associates, cheque books from various entities, digital evidence in the form of laptops and mobile phones, and documents related to numerous real estate properties.
Point of View
It is paramount to highlight the implications of such financial frauds on the public. This case not only underscores the importance of regulatory oversight but also the need for transparency in investment schemes. Our commitment is to keep the public informed and to advocate for justice against those who exploit trust for personal gain.
NationPress
20/09/2025
Frequently Asked Questions
What is the nature of the fraud committed by Maxizone Touch Pvt. Ltd.?
Maxizone Touch Pvt. Ltd. is accused of running a fraudulent Multi-Level Marketing scheme that misled investors into depositing unauthorized funds, totaling Rs 521 crore.
What actions has the ED taken in this case?
The ED has conducted searches in multiple locations, recovering incriminating documents and evidence linked to the fraud, as part of their investigation under the PMLA.
Who are the key individuals involved in this fraud?
The main individuals involved are Chander Bhushan Singh and Priyanka Singh, directors of Maxizone Touch Pvt. Ltd., who have reportedly absconded with public funds.
How did the accused launder the money?
The accused laundered the funds by acquiring properties through benami transactions and converting the illicit deposits into cash.
What is the current status of the investigation?
The investigation is ongoing, with the ED actively pursuing leads to apprehend the suspects and recover the misappropriated funds.
