ED attaches Rs 2.09 cr assets in Rajasthan chit fund case

New Delhi, January 25

The Enforcement Directorate (ED) has attached properties worth Rs 2.09 crore, including shopping complexes, owned by a Rajasthan-based company in connection with its probe into a chit fund money laundering case. 

Sources in the ED said a provisional order under the Prevention of Money Laundering Act (PMLA), attaching the assets of the firm Oro Trade Network India Ltd, a multi-level marketing company, has been issued. The total value of the attached assets is Rs 2.09 crore.

Officials said the agency took over the case after taking cognisance of as many as 48 FIRs filed by the Rajasthan Police against the company and its directors under the Prize, Chit and Money Circulation Scheme (Banning) Act, 1978.

Describing the modus operandi by the accused in the case, an ED official said, the agency, during its investigation, found that “the company conspired and lured a number of people to invest in their schemes by promising high returns. — TNS