New Delhi: The Enforcement Directorate (ED) on Wednesday said it has frozen Rs 137 crore detected following search operations at seven locations (four in Hyderabad and three in Bengaluru) in connection with a money laundering case.
The case was lodged against Vihaan Direct Selling (I) Private Limited, a sub franchisee company of Qnet Ltd.
The ED initiated an investigation under the PMLA on the basis of 38 FIRs against Qnet Ltd, Vihaan Direct Selling (I) Pvt. Ltd. and others registered by Cyberabad Police, Hyderabad under various Sections of IPC and Prize Chits and Money Circulation Schemes (Banning) Act.
The ED said it has learnt that Vihaan Direct Selling (I) Pvt. Ltd had been cheating gullible people, promising huge commissions on their investment, by way of running money circulation scheme in the guise of direct selling of products.
As a result of search, various incriminating documents and digital devices were seized.
“Further, an amount of more than Rs 137 crore available in more than 50 bank accounts relating to various entities/ individuals connected with the case has been frozen/seized during the search operations,” the official said.
(IANS)
