The ED has provisionally attached assets worth Rs 35.70 crore of Vikram Investments and other associates in connection with an alleged ponzi scheme scam.

The ED initiated money laundering investigation on the basis of an FIR filed in March 2018.

The Enforcement Directorate (ED) has provisionally attached assets worth Rs 35.70 crore of Vikram Investments and other associates under the provisions of the Prevention of Money Laundering Act (PMLA) in connection with an alleged ponzi investment scheme scam.

The attached immovable properties having value of Rs 34.21 crore are in the form of land, office spaces and residential flats in various places in Bengaluru and movable assets are in the form of bank balance and fixed deposits worth Rs 1.49 crore.

The ED initiated money laundering investigation on the basis of an FIR filed in March 2018 in Bengaluru against partners and other associates of Vikram Investments viz Raghavendra Srinath, along with his associates — KP Narasimhamurthy, M Prahlada, KC Nagaraj and Sutram Suresh for cheating the general public by luring them to invest in Vikram Investments, promising high returns under the guise of commodity trading.

The modus operandi adopted by the company was that they were involved in collecting investments from the customers under the guise of commodity trading, offering huge returns to the extent of upto 30-35 per cent per annum. However, they are not registered with any of the regulatory agencies including the RBI.

They ensured…

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