ED Seizes Rs 84 Lakh Cash, Mercedes in Rs 69 Crore Odisha Chit Fund Scam
Berhampur — In a major breakthrough in the Rs 69 crore chit fund scam, the Enforcement Directorate (ED) has seized Rs 84.20 lakh in unaccounted cash and a luxury Mercedes car during raids at four locations in Berhampur.
The crackdown targets Green India Infra Projects Ltd. and its affiliates, accused of defrauding hundreds of investors through false promises of high returns and property allocations under the “Green Paradise Project.”
Acting under the Prevention of Money Laundering Act (PMLA), 2002, the ED uncovered a trail of financial deception where investors were lured with promises of flats or lucrative returns.
When refunds were demanded, the company’s managing director allegedly resorted to threats and refused repayment.
The ED’s searches yielded not only cash and a high-end vehicle but also incriminating documents, property papers, and digital devices.
Investigators believe the proceeds of crime were laundered into immovable assets, prompting further scrutiny of the company’s financial dealings.
This action marks a significant step in unravelling one of Odisha’s largest financial frauds in recent years.