ED attaches ₹40.64 cr. from bogus earning app owners
The Hindu
The mobile apps claimed to help users earn profit through interest accrued of their deposits
The Enforcement Directorate has attached assets worth ₹40.64 crore in a case of fraud committed by several dubious merchants by routing the transactions through fraudulent applications using the services of payment solutions providers.
The case is based on a First Information Report registered by the Karnataka Police in June this year, alleging that the entities induced the public into making investments through mobile applications like Power Bank and SunFactory. They promised to remit the interest accrued on daily or weekly basis.
However, the accused entities closed their purported businesses after collecting funds exceeding ₹300 crore from a large number of investors. The entities neither paid any interest nor returned the principal amounts to them and withheld the investments made through Power Bank and other such fraudulent applications, which resulted in commission of cheating, alleged the agency.