ED attaches assets worth 1.71 cr of India Advertisement Services (Una HP Scam)

ED has attached assets worth 1.71 crore belonging to Praveen Kumar and Vijay Kumar of Una, Himachal Pradesh (HP), in connection with the PMLA case relating to the investors cheating scam by ‘India Advertisement Services’.

ED attaches assets worth 1.71 cr of India Advertisement Services (Una HP Scam)

In the case of the cheating of gullible investors by ‘India Advertisement Services’, the Enforcement Directorate (ED) has provisionally attached movable and immovable assets (land, buildings, vehicles) under the Prevention of Money Laundering Act (PMLA), 2002. These assets are having worth of 1.71 crore rupees and are owned by Praveen Kumar and Vijay Kumar.

The Himachal Pradesh Police Department filed a first information report (FIR) of the scam under several sections of the Indian Penal Code, 1860, in view of cheating of several investors. This prompted the ED to start looking into possible cases of money laundering.

During their investigation, the ED found that Parveen Kumar and Vijay Kumar were the masterminds of the scam, i.e. behind the “pyramid scheme”, in which investors were promised a monthly salary in exchange for buying subscriptions to an app made by India Advertisement Services. The investors were then taken advantage of by encouraging them to recommend new customers for purchasing subscriptions similar to theirs. The accused then fled with the money that was invested by thousands of unsuspecting small investors, thereby committing fraud against them.

According to a subsequent investigation by the ED, Parveen Kumar and Vijay Kumar bought a variety of movable and immovable properties using money they obtained by cheating the investors. Both Parveen Kumar and Vijay Kumar were responsible for collecting the money. In accordance with the provisions of the PMLA, the assets in the form of land, buildings, and a vehicle with a combined value of 1.71 crore rupeess have been attached.

Despite regulators’ awareness campaigns, we are unable to understand why people invest in Ponzi or pyramid schemes. This is worrisome because these schemes often fail to deliver on their promises and there is a risk of total capital loss for investors. Despite the regulators’ warnings, investors get attracted to fake promises of ‘quick return on investment’. It is hoped that more and more concerted efforts will be done to educate potential investors about the risks of such schemes and the safer investment options.


  1. Gautam Verma
  2. अमर शुक्ला

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