The Enforcement Directorate’s Ranchi Zonal Office has filed a chargesheet against Maxizone Touch Private Limited and its directors, Chander Bhushan Singh and Priyanka, before a special court in Ranchi under the Prevention of Money Laundering Act. This case involves a large-scale multi-level marketing fraud that deceived 16,927 investors nationwide through a Ponzi scheme promising unrealistic monthly returns of 15 percent. The ED revealed that the accused lured investors with high returns, collected significant funds, and then stopped payments before fleeing.
The agency’s investigation was initiated based on multiple FIRs filed by Jharkhand Police at Sakchi and Govindpur police stations in Jamshedpur under various sections of the Indian Penal Code. It was found that the company conducted no genuine trading or business activities; instead, new investors’ money was used to pay returns to earlier investors, a characteristic of Ponzi schemes. The accused also falsely claimed NSE Authorized Person status to gain credibility and misled the public.
Forensic analysis of digital devices seized from Chander Bhushan Singh exposed the scale of the scam, with total proceeds of crime amounting to Rs 521.69 crore from 16,927 victims. Of this, Rs 249.45 crore was allegedly recycled as fake returns to sustain the illusion of profitability, while Rs 58.27 crore was diverted into real estate, gold jewelry, and cryptocurrency, including 27,457 USDT. To evade authorities, the accused reportedly forged an Aadhaar card in the name of Deepak Singh.
Properties worth Rs 11 crore were provisionally attached by the ED through an order dated December 12, 2025. The agency highlighted how the fraudsters projected laundered proceeds as legitimate assets to mislead law enforcement. Both directors were arrested on December 16, 2025, under the PMLA and are currently in judicial custody at Birsa Munda Central Jail in Ranchi. The investigation, with support from RBI inputs, is ongoing to trace further assets and uncover the full network behind the scam.
