The Directorate of Enforcement (ED) has provisionally attached movable and immovable assets worth approximately ₹5.54 crore in connection with an alleged multi-crore Ponzi scam linked to the Jeevan Suraksha Group of Companies, officials confirmed on Friday, 10 July. The action was taken under Section 5(1) of the Prevention of Money Laundering Act (PMLA), 2002, as part of an ongoing money laundering probe centred in Guwahati, Assam.

Assets Attached

The attached assets comprise credit balances of approximately ₹1.42 crore lying across 48 bank accounts, along with 22 immovable properties valued at nearly ₹4.11 crore. These properties are spread across Assam, Meghalaya, and West Bengal.

The money laundering investigation was initiated on the basis of FIRs and charge sheets filed by the Central Bureau of Investigation (CBI), Anti-Corruption Branch, Guwahati, under various provisions of the Indian Penal Code and the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. The case was also separately investigated by the Assam CID and the Serious Fraud Investigation Office (SFIO).

How the Alleged Scheme Operated

According to the ED, the Jeevan Suraksha Group allegedly ran a money circulation scheme through a network of around 422 branches spread across northeastern states, operating through several companies and sister concerns. The group is alleged to have lured nearly 6.88 lakh investors by offering recurring and fixed deposits, plot booking schemes, monthly income plans, and redeemable preference shares — all promising unusually high returns — without obtaining any statutory authorisation to accept public deposits.

Investigators allege the group collected nearly ₹403.63 crore from investors but repaid only around ₹132.72 crore, reportedly using fresh deposits to service earlier investors — a classic Ponzi structure — before abruptly shutting down operations. The estimated proceeds of crime stand at ₹270.91 crore.

Diversion of Funds

The ED further alleged that funds were systematically diverted to directors and their family members through cash withdrawals, insurance policies, fixed deposits, and inter-entity transfers, before being channelled into immovable properties. This layering pattern, investigators say, is consistent with structured money laundering aimed at distancing proceeds from their criminal origin.

Notably, this attachment follows a multi-agency investigative effort — a relatively rare convergence of the CBI, Assam CID, SFIO, and ED — reflecting the scale and complexity of the alleged fraud. With nearly seven lakh investors potentially affected across the Northeast, pressure on enforcement agencies to recover and return funds is expected to intensify as the case progresses.