ED arrests Pranjil Batra for cheating people of Rs.50 cr through Ponzi schemes
Ponzi schemes run by the company were based on a pyramidal structure where the persons at the top of the pyramid gained from the loss borne by the persons at the base of the pyramid.
By Newsmeter Network Published on 11 March 2022 12:48 PM GMT
Hyderabad: The Enforcement Directorate (ED) has arrested Pranjil Batra for cheating several people through various Ponzi schemes of Hisar-based company Future Makers Life Care Private Limited.
ED started an investigation after recording a money-laundering case on the basis of various FIRs registered in Haryana and Telangana. Ponzi schemes run by the company were based on a pyramidal structure where the persons at the top of the pyramid gained from the loss borne by the persons at the base of the pyramid.
Pranjil Batra had siphoned off over Rs. 50 crore from the accounts of Future Makers Group by creating faking IDs and using bank accounts of his family members, close associates, and shell companies. He had used the funds to purchase properties, jewellery, and shares. He had sold some of the immovable properties to entities controlled by him to project them as untainted.
During the investigation, Batra was non-cooperative and resorted to withholding of relevant information and misleading the investigation. He was arrested on 10 March 2022 under the Prevention of Money-laundering Act 2002.
He was produced before a special court in Haryana on 11 March and remanded in ED custody for five days.
