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The Directorate of Enforcement (ED) has provisionally attached 87 properties worth Rs 4.15 crore of NGHI Developers India and its other group companies in connection with a ponzi scheme which affected thousands of investors across the states of Punjab, Rajasthan and Himachal Pradesh.
The investigation in this regard was initiated by ED, Jalandhar, under the provisions of Prevention of Money Laundering Act, 2002, in compliance with the directions of the High Court of Punjab and Haryana. The enquiries conducted by the ED revealed that multiple FIRs were found registered in Punjab, Rajasthan and Himachal Pradesh under various sections of IPC, 1860, against Pipal Singh, managing director of Nicer Green Group companies and others. Pipal Singh was arrested by the police but he got bail from the High Court, taking the plea that he would return the money to the investors which he never did. He has been declared as proclaimed offender by the Tarn Taran court. Investigation conducted by the ED revealed that multiple companies were formed or incorporated by the main accused Pipal Singh and his associates. The directors of Nicer Green Group Companies had generated proceeds of crime in the form of fixed deposits/recurring deposits (FDs/RDs) on a false promise of high returns. After expiry of maturity, the accused persons defaulted in returning money and also pressurised the investors to invest funds in their new companies, if they wanted their previously invested money to be returned. Further, investigation in the case revealed that the proceeds of crime had been diverted and parked in various immovable properties purchased in Punjab, Madhya Pradesh and Uttar Pradesh in the names of NGHI Developers India Limited and other group companies. The agency said further probe is being carried out. (ANI)
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