New Delhi: The Enforcement Directorate (ED) on Monday said it has attached properties worth Rs 4.15 crore of a firm — NGHI Developers India Ltd, and its other group companies, in connection with a money laundering case.
The investigation in this regard was initiated by the ED, Jalandhar under the provisions of the Prevention of Money Laundering Act, in compliance with the directions of the High Court of Punjab and Haryana.
The firm as well as the group of companies have been accused of coming up with a Ponzi Scheme which affected thousands of investors across Punjab, Rajasthan and Himachal Pradesh.
The enquiries conducted by the ED revealed that multiple FIRs were found registered at different police stations in Punjab, Rajasthan and Himachal Pradesh under various sections of the Indian Penal Code against Pipal Singh, the firm director and others.
Pipal Singh was arrested by the police but was granted bail by the high court, after he promised that he would return the money to the investors. However, he never returned the money.
“He has been declared as proclaimed offender by a court in Punjab. Investigation conducted by the ED revealed that multiple companies were formed by the main accused Singh and his associates,” an official said.
The proceeds of crime was diverted and channelled into various immovable properties purchased in Punjab, Madhya Pradesh and Uttar Pradesh in the names of NGHI Developers India Limited and other group companies.
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