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The Enforcement Directorate (ED), Imphal Sub Zonal Office has issued 2nd Provisional Attachment Order (PAO) to the tune of Rs. 33.66 Crore pertaining to M/s Birla Emporium Pvt Ltd, Ira Finance Pvt. Ltd., its Director Yumnan Irabanta Singh and Others in relation to cheating of 5000 gullible investors, the release said on Thursday.
According to the ED, the accused operated fraudulent investment schemes between 2019 and 2021, promising unusually high returns to lure investors. "ED initiated an investigation based on an FIR registered by the CID (Crime Branch), Manipur, under various Sections of IPC, 1860, against Yumnam Irabanta Singh, Director of M/s Birla Emporium Pvt. Ltd. and Ira Finance Pvt. Ltd.. According to the FIRS, Yumnam Irabanta Singh allegedly operated a fraudulent investment/deposit scheme from 2019 to 2021 that promised high returns to investors. Still, finally, he and his associates had siphoned off several individual depositors' funds," the agency said in a statement. The ED further stated that, "The investigation revealed that Yumnam Irabanta Singh and his entities were operating an unauthorised deposit scheme, collecting large sums from the public with the promise of exorbitant returns. Yumnam Irabanta Singh, along with his associates, has cheated 5000 investors (approximately) of Manipur State and thereby caused wrongful loss to these gullible depositors to the tune of more than Rs.250 Crore and subsequent wrongful gain to himself. It is also revealed that M/s Birla Emporium Private Limited & M/s Ira Finance Private Limited have given loans to public/borrower against the security of their property (Loan Against Property), and the properties of the loanees were transferred and registered in the name of Directors and staff of M/s. Birla Emporium Private Limited, by executing sale deed. The Company has not accepted deposits since the 1st quarter of 2020 and has not returned the promised funds. The said properties, which were registered in the promoters' names, were also kept in their custody without being returned. Furthermore, these funds, which are Proceeds of Crime (POC) were subsequently utilised in the acquisition of several properties." ED said in a statement it earlier attached Rs 28.02 crore assets. "ED had earlier identified and provisionally attached various movable and immovable properties in the name of M/s Birla Emporium Pvt. Ltd., Yumnam Irabanta Singh, Director of the company and his associates amounting to Rs. 28.02 Crore. Further, Prosecution Complaint for confiscation of attached properties have been filed before the Special PMLA Court, Imphal East on 06.06.2025 against M/s Birla Emporium Pvt. Ltd and Yumnam Irabanta Singh, and others." Further course of investigation led to the identification of 121 more immovable properties which are registered in the name of M/s Birla Emporium Pvt. Ltd., Ira Finance Pvt. Ltd., Yumnam Irabanta Singh, Director of the company and his associates, which were obtained out of POC. In this regard, the said immovable properties amounting to Rs 33.66 Crore are provisionally attached. A total of Rs. 61.68 Crore pertaining to various movable and immovable properties in the name of Birla Emporium Pvt Ltd has been provisionally attached. Further investigation is in progress. (ANI)
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