Enforcement Directorate Cracks Down on Rs 180 Crore Digital Ponzi Scheme
The Enforcement Directorate arrested two accused from Gujarat in connection with a Rs 180 crore digital Ponzi scheme. The scheme allegedly operated through QFON App Limited, promising unrealistic returns to investors. Funds were illicitly routed through multiple accounts, with significant amounts siphoned off.
- Country:
- India
The Enforcement Directorate (ED) has apprehended two absconding suspects in a significant Rs 180 crore digital Ponzi scheme. The arrest took place in Gujarat's Bharuch district, following their return from Dubai via Nepal.
Spearheaded under the Prevention of Money Laundering Act (PMLA), the suspects, Sudhir Dalsukhbhai Kotadiya and Umang Santibhai Kotadiya, were placed into custody. The arrests are linked to an investigation concerning a fraudulent investment operation associated with QFON App Limited.
The accused allegedly lured investors from Gujarat and Maharashtra, promising returns generated through online activities. Investigations revealed that the new investors' funds were used to provide returns to earlier depositors, with a considerable portion misappropriated by the accused, totaling Rs 183 crore.
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