The Enforcement Directorate (ED) has arrested Chandra Bhushan Singh, Director of Maxizone Touch Private Limited, and his wife, Priyanka Singh, in connection with a massive multi-level marketing (MLM) fraud. The couple is accused of defrauding the public of approximately Rs 307 crore across several states under the pretext of investment schemes. Following their production in court, the ED has secured a five-day remand to question the accused.
Modus Operandi And Financial Fraud
ED investigations revealed that the accused operated a fraudulent MLM scheme designed to lure the general public with promises of high monthly returns and attractive referral benefits. Through this scheme, they collected over Rs 307 crore, which was funneled into 21 different bank accounts.
Money Laundering: The investigation found that the accused laundered the illicit funds by converting deposits into cash. They also acquired multiple real estate properties using proxy transactions to hide the money trail.
Evasion Tactics
The couple had been deliberately evading authorities for the past three years, dodging police forces from Jharkhand, Rajasthan, and Assam, as well as the ED. To conceal their identities and avoid arrest, they:
- Used fake aliases, such as 'Deepak Singh'.
- Created forged identity documents.
- Frequently changed their locations to stay ahead of law enforcement.
Scope Of Investigation And Seizures
The ED initiated its investigation based on multiple FIRs registered against the couple for cheating and fraud in five states: Jharkhand, Bihar, Uttar Pradesh, Rajasthan, and Karnataka.
In connection with the probe, the ED conducted search operations on September 16 and December 3 of this year. These raids covered locations in Delhi, Noida, Ghaziabad, Vaishali (Bihar), Meerut, Ranchi, and Dehradun. During these operations, significant incriminating evidence was seized, including:
Cash and Assets: Over Rs 10 lakh in cash and cryptocurrency worth 15,000 US dollars.
Documents: A large volume of documents related to real estate properties, fake identity cards, and chequebooks from various entities.
Records: Handwritten notes and diaries detailing significant financial and cash transactions, as well as details of associates.
Digital Evidence: Mobile phones and laptops were recovered and seized.
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