Hyderabad: The Enforcement Directorate has seized properties worth 300 crore rupees belonging to a diamond trader in a major action in the chit fund scam. Ed has taken this action against the Diamond Group of Companies of Telangana. These properties belong to the promoter of the company, Nauhera Sheikh and is spread across several states. Sheikh has already been arrested by ED.
"The confiscated properties include 96 real estate properties located in Telangana, Kerala, Maharashtra, Delhi and Andhra Pradesh," ED said in a statement. These include agricultural land worth Rs 277.29 crore, commercial plots, residential buildings and commercial buildings.
In addition, Rs 22.69 crore has been deposited in bank accounts which have been confiscated. The ED reported that the group had unauthorisedly collected about Rs 5,600 crore from about 1,72,000 investors across the country. The money was collected through a network of marketing executives and direct selling agents falsely promising returns of three per cent per month or 36 per cent per annum.
Sheikh had launched a number of such schemes and campaigned fiercely to attract investors. It did not have the valid permission of any institution. Several cases related to ponzi scam have come to light across the country. The government has passed a landmark bill in this regard in this session.
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