The Enforcement Directorate (ED) has provisionally attached movable and immovable assets valued at approximately Rs 5.54 crore related to an alleged multi-crore Ponzi scheme involving the Jeevan Suraksha Group of Companies. This attachment was carried out under Section 5(1) of the Prevention of Money Laundering Act (PMLA), 2002.
The assets seized by the ED consist of credit balances totaling about Rs 1.42 crore held in 48 bank accounts and 22 immovable properties valued at nearly Rs 4.11 crore situated in Assam, Meghalaya, and West Bengal. The money laundering probe was initiated based on FIRs and charge sheets filed by the Central Bureau of Investigation (CBI), Anti-Corruption Branch, Guwahati, under various legal provisions.
According to the ED, the Jeevan Suraksha Group, operating through multiple companies and affiliates, allegedly conducted a money circulation scheme through a network of approximately 422 branches in the northeastern states. The group reportedly enticed nearly 6.88 lakh investors with promises of high returns through different investment schemes without proper authorization.
The investigation revealed that the group amassed around Rs 403.63 crore from investors but only repaid about Rs 132.72 crore, purportedly utilizing new investments to settle previous investors before abruptly ceasing operations. The remaining illicit proceeds are estimated at Rs 270.91 crore. The ED also claimed that funds were diverted to directors and their relatives through various means before being invested in properties.
