Bengaluru, Nov 5 (UNI) The Enforcement Directorate has provisionally attached assets worth Rs 35.70 crore of Vikram Investments and other associates under the provisions of the Prevention of Money Laundering Act, 2002 in connection with the Ponzi Investment Scheme Scam.
The attached immovable properties having value of Rs. 34.21 Crore are in the form of land, office spaces and residential flats in various places in Bengaluru and movable assets are in the form of Bank balance and fixed deposits of Rs Rs.1.49 crore, said ED in a statement here.
The ED initiated money laundering investigation on the basis of FIR registered by Bengaluru police against Partners and other associates of Vikram Investments viz Raghavendra Srinath, along with his associates viz KP Narasimhamurthy, M Prahlada , KC Nagaraj and Sutram Suresh for cheating the general public by luring them to invest in Vikram Investments, promising high returns under the guise of commodity trading.