New Delhi Dec 22 (UNI) The Enforcement Directorate (ED), Jaipur Zonal Office, on Monday said it has filed a chargesheet against Preeya Home Study Private Limited (PHSPL) and its directors/ex-directors Mahesh Kumar, Satya Prakash and Sombir Poonia in a money laundering case.
The ED initiated investigation on the basis of 59 FIRs registered by Rajasthan and Haryana Police, which alleged that PHSPL and its key functionaries defrauded the general public by operating fraudulent online computer education and MLM-type schemes.
“Through misleading advertisements, seminars and assurances such as ‘Earn While You Learn’, investors were induced to deposit membership fees ranging from Rs 5,800 to Rs. 11,800 on promises of unrealistic returns.
Investigation revealed that though incorporated in 2002 as an education company, PHSPL was actually used as a front to run a large-scale money circulation scheme, with educational content serving merely as a façade to collect funds through false representations and deceptive claims of legitimacy,” said an ED official.
Detailed financial investigation, including examination of bank accounts, statements of accused persons and complainants, revealed that money was collected from lakhs of investors across multiple states during the period of offence out of which Rs 70 crore were dishonestly retained and laundered.
Further investigation, ED officials said, established that the proceeds of crime were utilized for acquisition of multiple immovable properties in the names of the company and family members of its key promoters/directors.
Accordingly, ED provisionally attached various properties valued at Rs 3.06 crore vide a provisional attachment order which was subsequently confirmed by the Adjudicating Authority. Further investigation into the matter is ongoing.
ED files chargesheet in ‘Earn While You Learn’ ponzi scam case
