ED files prosecution complaint against two persons under PMLA
ED initiated its investigation on the basis of various FIRs registered in Haryana and Telangana for allegedly cheating lakhs of investors
Hyderabad: The Enforcement Directorate (ED) has filed a prosecution complaint against Radhe Shyam and Bansi Lal, Directors of Future Maker Life Care (FMLC) Private Limited, a Haryana-based Multi-Level Marketing (MLM) scheme promoting company and others under the Prevention of Money Laundering Act-2002 (PMLA) before the special judge at Panchkula in a Ponzi scheme case.
The ED initiated its investigation on the basis of various FIRs registered in Haryana and Telangana for allegedly cheating lakhs of investors. Radhe Shyam and Bansi Lal, both residents of Haryana, floated companies in the name of FMLC and FMLC Global Marketing Private Limited.
Through these companies they allegedly duped many in the guise of MLM schemes, according to a press release, which said the MLM scheme was of a pyramidal structure where the persons at the top of the pyramid gained at the behest of the loss borne by persons at the base of the pyramid.
Investigation conducted under PMLA revealed that around 31 lakh investors lost their money by making investments in schemes floated by the accused. In this scheme, the initial investors were paid high returns to attract more investors and entice current investors to invest more money.
The suspects lured people through speeches in fancy seminars conducted across India promising high returns up to five to eight times of the investment in two years. The funds so collected were diverted into bank accounts of their family members. A flat in Chandigarh, two flats in Delhi, agricultural lands, balances in bank accounts and cash totalling to Rs.261.35 crore were provisionally attached under PMLA.
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