Responding to a petition from 60 investors, the Special Judge in Imphal under the Prevention of Money Laundering Act (PMLA), 2002, has directed the auction of immovable properties owned by the Lamjingba Finance Group of Companies. The Enforcement Directorate (ED) sources revealed that the sale proceeds will be returned to the claimants. The investors, who were victims of a fraudulent scheme by the company, sought restitution through the auction proceeds of the seized properties.
The Lamjingba Finance Group Companies, led by accused Sanasam Jacky Singh, were involved in a deceptive “investment/deposit scheme” that lured investors with high returns. The ED, listed as a respondent in the petition, had attached movable and immovable properties worth around Rs 65 crore during the investigation. The court has framed charges against all 9 accused in the case, including Sanasam Jacky Singh.
The Special Judge in Imphal East has ordered the auction of properties held by Sanasam Jacky Singh, including a hotel property and a residential flat in Gurugram. The auction proceeds, along with funds in Singh’s ICICI Bank account and cash recovered from him, will be distributed among the claimants based on their losses. A committee will be formed to verify the claims and deposits of the applicants, ensuring a fair restitution process.
