ED summons actor Prakash Raj in Ponzi scam probe involving jeweller
Trichy: The Enforcement Directorate (ED) has summoned actor Prakash Raj in relation to a money laundering probe against Trichy-based partnership firm Pranav Jewellers, media reports said.
The firm is accused of collecting Rs 100 crore from the public through a gold investment scheme, promising substantial returns. Prakash Raj was the brand ambassador for Pranav Jewellers, and is “under the scanner” in the matter, Hindustan Times reported, citing officials.
ED raided the firm on Monday in connection with the probe.
The agency confiscated various incriminating documents, unexplained cash of Rs 23.70 lakh, bullion/gold jewellery weighing 11.60 Kg.
In a statement issued on Wednesday, ED said “Investigation revealed that Pranav Jewellers and other connected persons cheated the public by diverting public funds to shell entities/entry providers under the garb of purchase of bullion/gold ornaments.”
ED has conducted searches on 20.11.2023 under the provision of PMLA, 2002 in the case of a Ponzi Scheme run by certain accused persons in the name of entity M/s Pranav Jewellers. During the searches, various incriminating documents, unexplained cash of Rs 23.70 lakh, bullion/…
— ED (@dir_ed) November 22, 2023
“Searches also revealed that the supplier parties in the books of Pranav Jewellers were entry providers, who during the investigation confessed to have provided adjustment or accommodation entries to Pranav Jewellers for amounts over Rs 100 crores; and also confessed to have given cash to the accused persons in lieu of bank payments,” the statement added.
The money laundering investigation conducted by the financial crimes probe agency stemmed from an FIR filed by the Economic Offences Wing (EOW) in Trichy against Pranav Jewellers.
The FIR accuses the company of collecting Rs 100 crore from the public through a gold investment scheme, promising lucrative returns.
According to the allegations, Pranav Jewellers did not fulfill its commitment to return the funds to the investors.
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