ANI |
Updated: Mar 09, 2022 20:08 IST
New Delhi [India], March 9 (ANI): The Enforcement Directorate (ED) said on Wednesday it has attached movable and 376 immovable properties worth more than Rs 268 crore in the Akshaya Gold Farms and Villas India Limited (AGFVIL) Ponzi scam case.
“The attached properties are in the name of M/s AGFVIL & sister concerns, its directors, relatives of directors and their benamidars,” said the ED in a statement.
An investigation by ED revealed that AGFVIL deliberately cheated the public by collecting deposits without any legal permission from the Reserve Bank of India (RBI) and the market regulator Securities and Exchange Board of India (SEBI).
AGFVIL collected investments from lakhs of gullible investors who were encouraged to join by organised agents who were given a handsome commission to enrol new clients. A hierarchy of agents was created in a pyramidal manner to earn high commissions.
Investors were lured into investing their life savings by promising sites in advertised real estate ventures and offering a high rate of return in various deposit schemes (weekly, monthly & lump sum).
In order to earn a handsome commission, agents did promotional programmes and encouraged investors with a promise of handsome return on maturity or owning a plot of equivalent amount.
Fund trail investigation revealed that the money collected from the…