The Enforcement Directorate (ED) has attached assets worth Rs 261 crore amassed by Future Maker Life Care Private Limited, a company booked in a Ponzi scheme case by the Telangana police. The investigations revealed that the company’s promoters fraudulently collected around Rs 2,950 crore from lakhs of members under various schemes and diverted funds to their personal accounts.
The ED has attached properties primarily owned by two accused directors, Radheshyam and Bansilal of Future Maker Life Care Private Limited. The list includes residential plots, agricultural lands, house buildings owned by the directors, families and close associates. Under the provisions of Prevention of Money Laundering Act, 2002 (PMLA), properties in Hisar, Adampur, Kulam, Delhi and Chandigarh have been attached, besides freezing the company’s bank accounts.
The Enforcement Directorate took up investigation against the company and and its directors based on the FIRs registered by the Telangana state police. The company was booked for cheating the public by propagating a false theme of “A Life Turning Opportunity to earn income from Rs. 20,000 to Rs. 10 lakhs per month.”
The company invited the public to become members of their Ponzi Pyramid Scheme in the guise of direct selling multi-level marketing by selling worthless products like suit length and other edible products.
According to the FIR, the directors advertised their commission model in which very high commissions were paid for the enrollment of new members in the downlinks of the pyramid.
“Investigation under the provisions of PMLA revealed that funds were fraudulently collected from the subscribers as a deposit towards membership in the scheme through a chain of agents spread across India. These deposits collected through the schemes were illegally diverted into the personal accounts of the directors, their family members and other associates, besides shell companies incorporated by the two directors,” said ED in a statement.
The modus operandi of the company promoters was to lure the public with promises of huge commissions and with dreams of becoming rich without much effort. The company also cheated the public by falsely claiming that their fraud pyramid scheme was a legitimate direct selling network scheme by introducing sub-standard products like cheap suit lengths supplements.
This far in the fraud, 16 immovable properties have been purchased at a cost of Rs 9.08 crore, along with bank balances amounting to Rs 252 crore lying in 34 accounts maintained in the name of the company, its subsidiaries, two directors, their family members. Other associates have been identified and attached under PMLA. The accused in the case Radheshyam was arrested by the Telangana police in 2018.