ED attaches assets worth Rs 66 crore of Telangana based firm, its executives, in money laundering case
India Today
The ED, in its statement, alleged that the accused company was in a multi-level marketing scam with an illegal, pyramid-type structure, under the guise of a direct selling business.
The Enforcement Directorate (ED) has attached assets worth Rs 66.30 crore of Telangana-based Indusviva Health Sciences Private Limited, its chairman C A Anzar and others under the Prevention of Money Laundering Act (PMLA), 2002, in a Rs 1500 crore multi-level marketing scam, officials said.The ED had initiated the money laundering investigation on the basis of an FIR registered by Telangana’s Cyberabad Police. According to the officials, the accused company was involved in a multi-level marketing scam having an illegal pyramid-type structure and was working under the guise of a direct selling business.The company allegedly engaged a large number of distributors. They did rigorous marketing about the commission schemes of the company, stating that there is a great opportunity for quick and easy money by becoming a member, and then in turn making further enrollments under one’s downline on the right side and left side in a binary manner.“In order to project their fraud pyramid scheme as a legitimate business, they introduced some products which were by their own admission valued at only 20% of the sales revenue and in reality are completely worthless,”said the ED statement.“The membership fee paid by new clients used to pay commission to old clients. By giving false promises and inducements, company enrolled around 10 lakh members and collected around Rs 1,500 crore since its inception,” added the ED in a statement.The ED has alleged CA Anzar (the Chairman of Indusviva) and Abhilash Thomas (Chief Executive Officer of Indusviva) diverted funds to subsidiary companies and their other related companies and to their personal accounts.
“These funds were utilised to acquire immovable assets which are identified to the tune of Rs 50.47 crore in the name of the companies and individuals. Further, movable properties are also identified in the form of bank balances to the tune of Rs 15.83 crore lying in 20 bank accounts of Indusviva, its chairman and related companies. All these properties have been provisionally attached by ED,” added the ED statement.On December 15, 2021, CA Anzar and Abhilash Thomas were arrested by the ED and are currently in judicial custody.
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