ED has seized cash of 1.27 crore rupees in a PMLA case relating to Chit Fund Scam to the tune of 794 crore rupees perpetrated by Pincon Group/Tower Infotech.
The Enforcement Directorate (ED) conducted search operations on March 1, 2023 at 15 residential and other premises in Kolkata, Siliguri, Howrah, and Agra in the PMLA case involving two chit fund companies, namely Pincon Group and Tower Infotech Ltd.
The ED had registered a PMLA case based on FIRs registered by the CBI and the West Bengal Police against Tower Infotech Ltd and Pincon Group. These companies have allegedely misappropriated funds to the tune of 156 Crore and 638 Crore collected from its investors, respectively.
These chit fund companies have taken money from the general public by tempting them with attractive schemes and offering extremely high rates of return, leading to scam. Consequently, they have failed to return the money promised to public amd as a result they have defrauded the general public.
The ED searched the premises of Pincon Group, Tower Group, their directors and beneficiaries. Manoranjan Roy, Hari Singh, Subharti Banerjee, Sanjay Basu, Mina Dey, Ramendu Chattopadhyay, Indrajit De, Sachchidanand Rai, Eden Infraprojects Pvt Ltd, Indian Structural Engineering Company Pvt Ltd and Ashish Wheels Ltd were among those against whom the search operation was conducted.
As a result of the ED’s search, incriminating documents, digital evidence in the form of mobile phones and laptops, and a total of 1.27 crore rupees in cash were discovered.