In a PMLA case involving defrauding innocent investors of more than Rs. 2000 crores, the ED has frozen Rs. 90 crores located in 36 bank accounts belonging to M/s Vihaan Direct Selling India Private Limited and its accomplices.
In connection with a case involving alleged money laundering by M/s Vihaan Direct Selling India Private Limited, the master franchisee company of M/s Qnet Ltd in India, the Enforcement Directorate (ED) has recently carried out searches at multiple locations in Mumbai, Bengaluru, and Chennai.
During the course of the searches, the ED froze a total of 36 bank accounts belonging to a variety of organisations, persons, and proprietorships involved with the investigation. The accounts included sums totaling more than Rs. 90 Crore.
On the basis of a FIR registered by the EOW, Mumbai against M/s Qnet Ltd., Vijay Eswaran, M/s Vihaan Direct Selling (India) Pvt. Ltd., and a number of other firms and individuals, the Enforcement Directorate (ED) began investigating possible instances of money laundering.
During the course of the PMLA investigations that were conducted by the ED, it was discovered that M/s Vihaan Direct Selling India Pvt. Ltd., which is a master franchise of M/s Qnet in India, had used or floated various shell companies or dummy proprietorship for the purpose of routing the funds received from a large number of innocent investors.
Under the cover of a direct selling company, M/s Vihaan Direct Selling India Pvt. Ltd. has tricked a large number of innocent investors in India towards investing their personal money in a Ponzi scheme. These investors have put their life savings at risk.
Many investors had their money taken from them under the idea of huge profits, and they were not informed of the nature of the business or the specifics of how their money would be used.
According to the FIR that was filed by the Mumbai Police Department, the entire estimated proceeds from the crime amount to roughly Rs. 400 Crore. However, during the course of the investigation, it was discovered that more than Rs. 2,000 crore rupees had been laundered through a number of front businesses owned by these entities.
The investigation and search operation has been conducted by the ED in numerous places across India, including five locations in Mumbai, two locations in Bengaluru, and two locations in Chennai. Several suspicious documents and digital devices were found as a result of the search conducted by the ED.
In addition, the Enforcement Department has placed a hold on 36 bank accounts belonging to various companies, people, and proprietorship entities that are associated with the investigation. The total deposit amount in these accounts is greater than Rs. 90 Crore. Further investigation into the case will continue.