The Enforcement Directorate (ED) on Tuesday said they have attached immovable and movable properties worth Rs 63,18,52,275 belonging to Sanasam Jacky Singh, chairman cum managing director of Lamjingba Group of Companies, and his associates in connection with a money laundering investigation conducted under a PMLA case.
This case relates to a massive Ponzi scheme in Manipur.
"Investigation in this case was initiated by the ED on the basis of the seven related FIRs against Sanasam Jacky Singh, M. Robindro Singh and other officials of Lamjingba Group of Companies by Manipur Police, indicating operation of a fraudulent and unauthorized "investment/deposit scheme" during the period from 2017 to 2021 that promised investors very high returns and cheated more than 15000 gullible investors to the tune of approximate Rs 600 crore," the ED said.
The ED learnt that Lamjingba Group of Companies under the chairmanship of Sanasam Jacky Singh in connivance with other persons was operating a "large scale Ponzi scheme" by illegally collecting a huge amount of deposit money from individual investors during the period from 2017-2021 with a promise of exorbitant returns.
"The group was functioning like a bank or NBFC without any valid registration and license. The illegally collected funds (mostly in cash) were acquired, transferred and placed in various bank accounts of the Lamjingba group of companies and in the personal accounts of Sanasam Jacky Singh and his associates.
"These funds were subsequently invested and utilized for acquisition of several properties in an illegal manner and these properties were projected acquired out of proceeds of crime as untainted assets," the ED said.
In this connection, twenty immovable properties worth Rs 61,85,09,127 and two bank accounts having a balance of Rs 1,33,43,147 have been provisionally attached by the ED.
Earlier, prime accused Sanasam Jacky Singh was arrested and presently, he is in judicial custody.
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