New Delhi, Property value about ₹80 lakh have been frozen and seized after raids have been carried out towards a Kerala-based group that allegedly duped traders by luring them right into a month-to-month funding scheme named ‘Apollo Gold’, the Enforcement Directorate stated Tuesday.
₹80L deposits, money” title=”ED raids Kerala group that ‘cheated’ traders; freezes ₹80L deposits, money” />The searches have been carried out at 11 areas on October 17 in Calicut, Malappuram and Thiruvananthapuram on the residential and workplace premises of “key people” of Apollo and Samana group of firms, it stated in a press release.
The cash laundering case stems from as many as 48 FIRs filed by the Kerala Police on allegations that the promoters of Apollo Jewelry group together with Moosa Haji Charaparambil, Basheer and different administrators “duped” depositors by asking them to put money into its month-to-month revenue scheme “Apollo Gold”.
The scheme stipulated that for each ₹1 lakh deposit, the depositor will obtain a month-to-month dividend of ₹1,000 and upon maturity after 12 months, they are going to obtain a refund of their invested quantity.
Traders who proceed or renew their deposit past 12 months have been eligible for revenue sharing with Apollo Jewelry. Initially, the group fulfilled their dedication; nonetheless, after 2020, they “neither paid the dividend quantity nor returned the deposited quantity to the depositors”, the ED claimed.
Charaparambil “absconded” after “defaulting” the funds to the depositors/traders, it stated.
Apollo Jewelry Group has proven “substantial” quantities of unsecured loans from a number of traders of their audited stability sheets with out fee of any curiosity to them, elevating doubts on the genuineness of the names figuring within the financials, in keeping with the ED.
The whole unsecured loans, paid up share capital and investments by way of debentures acquired from a number of traders by Apollo Jewelry group of firms, that are defunct as on date, is round ₹82.90 crore.
Charaparambil and different administrators of a number of firms/corporations in Apollo group of firms seem to have substantial curiosity/stake in Samana group of firms they usually “diverted” the funds collected within the Apollo group by the use of developing resorts like Resort Dimora in Kozhikode and Thiruvananthapuram. The resorts are within the title of Apollo Buying Mall LLP and Trivandrum Apollo Builders Pvt., it stated.
The searches led to the seizure of “incriminating” paperwork, digital units, paperwork of each the Dimora resorts, it stated.
4 orders have been issued beneath the PMLA to freeze financial institution deposits ₹52.34 lakh other than ₹27.49 lakh in money, the ED stated.
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