Shillong, Jul 11: The Directorate of Enforcement (ED) has provisionally attached assets worth about Rs 5.54 crore in connection with an alleged multi-crore money laundering case involving the Jeevan Suraksha Group of Companies and its directors.
The attachment has been made under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, as part of an ongoing investigation into an alleged investment fraud that the agency claims affected lakhs of investors across the Northeast.
According to the ED, the attached properties comprise credit balances of nearly Rs 1.42 crore lying in 48 bank accounts and 22 immovable properties valued at around Rs 4.11 crore. These properties are located across Assam, Meghalaya and West Bengal.
The Enforcement Directorate said its money laundering probe stems from multiple FIRs and charge sheets filed by the Central Bureau of Investigation (CBI), Anti-Corruption Branch, Guwahati. The predicate offences were registered under various provisions of the Indian Penal Code, the Prize Chits and Money Circulation Schemes (Banning) Act, 1978, along with other applicable laws.
The agency also noted that the matter had previously been investigated by the CID, Assam, as well as the Serious Fraud Investigation Office (SFIO) under the Companies Act, 2013.
According to the investigation, the Jeevan Suraksha Group allegedly operated an extensive Ponzi and money circulation scheme through several entities, including Jeevan Suraksha Real Estate Ltd., Jeevan Suraksha Associate Marketing Pvt. Ltd. and Jeevan Suraksha Energy and Industries Ltd.
The ED alleged that the group, together with its sister concerns, established a network of nearly 422 branches across the Northeastern states to mobilise public funds.
Investigators claimed the companies solicited investments through recurring deposits, fixed deposits, plot booking schemes, monthly income plans and redeemable preference shares. The agency alleged that investors were promised unusually high returns despite the companies not having the required licence or statutory authorisation to accept such public deposits.
The ED further claimed that nearly 6.88 lakh investors were persuaded to invest in these schemes.
According to the investigation, the companies collected around Rs 403.63 crore from investors but repaid only about Rs 132.72 crore. The agency has estimated the alleged proceeds of crime at approximately Rs 270.91 crore.
“The group had no genuine business or investment activity to sustain the returns promised to investors,” the ED said, alleging that funds collected from fresh investors were used to make payments to earlier investors, thereby creating an impression of a profitable and legitimate investment business before the scheme ultimately collapsed.
The Enforcement Directorate alleged that money collected from investors was diverted from company accounts into the personal accounts of the directors and their family members.
According to the agency, the funds were subsequently layered through cash withdrawals, insurance policies, fixed deposits and transfers between various entities before being invested in immovable properties purchased in the names of the companies, directors, relatives and associates.
“The attached assets include bank balances and immovable properties identified as proceeds of crime under the provisions of the PMLA,” the ED said in a statement.
The agency added that the investigation into the alleged money laundering case is continuing and further action may follow based on the outcome of the probe.
