The Enforcement Directorate (ED) has issued a second Provisional Attachment Order (PAO) in Manipur, attaching assets valued at Rs 33.66 crore belonging to two private companies, their sole director, and others. This action is linked to an alleged cheating case involving nearly 5,000 investors who were promised high returns.
The ED initiated an investigation based on a FIR filed by the CID (Crime Branch), Manipur, against the Director of M/s Birla Emporium Pvt. Ltd. and M/s Ira Finance Pvt. Ltd., Yumnam Irabanta Singh. It was alleged that Singh operated a fraudulent investment scheme from 2019 to 2021, deceiving investors and misappropriating their funds.
According to the ED, Singh and his associates cheated around 5,000 investors in Manipur, causing a loss of over Rs 250 crore to the depositors. The companies involved provided loans against property but failed to return the promised funds to depositors, leading to the attachment of properties worth Rs 33.66 crore.
The ED had earlier provisionally attached properties worth Rs 28.02 crore belonging to the companies and Singh. A Prosecution Complaint for confiscation of these properties has been filed, and further investigation revealed additional properties obtained through illegal means. In total, assets amounting to Rs 61.68 crore have been provisionally attached.
