Hyderabad: The Enforcement Directorate (ED) has attached assets worth Rs 261 crore belonging to Future Maker Life Care Private Limited, a company booked in a Ponzi scheme by the Telangana state police.
Investigations revealed that the company’s promoters had allegedly fraudulently collected around Rs 2,950 crore from lakhs of members under various schemes and diverted the money to their personal accounts.
The properties are primarily owned by two accused directors, Radheshyam and Bansilal, of Future Maker Life Care Private Limited. The properties seized included residential plots, agricultural lands, house buildings owned by the directors, their families and close associates besides bank accounts.
The ED took up investigation against Future Makers and its directors based on the FIRs registered by the Telangana state police.The company was booked for cheating the common public by offering earnings of up to Rs 10 lakh per month.
Radheshyam was arrested by the TS police last year.
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 company allegedly invited the public to become members of their Ponzi pyramid scheme in the guise of direct selling multi-level marketing of clothes and edible products. According to the FIR, commissions were paid for enrolment of new members.
“Investigation 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.” it said.
