LUCKNOW: The Directorate of Enforcement (ED), Lucknow zonal office, on Thursday conducted searches at 16 premises associated with real estate firm Kalpataru Group of Companies in Agra, Mathura and Noida in connection with Rs 681 crore ponzi scheme.
During searches, ED officials seized unexplained cash amounting to Rs over 1 crore, sale deeds/documents of 88 immovable properties, and digital/electronic evidence of hundreds of properties related to the case.
The company had floated a scheme through which about 1,000 people were cheated in the name of high returns on their investments or promised land/plots in lieu of investments.
The searches were conducted at properties belonging to Mithilesh Singh, the wife of the main accused late Jai Kishan Rana, and his close associates, including chartered accountants, brokers, and agents like Suman Prabha Sharma, Devender Garg, Harendra Tarkar, Ramveer Tarkar, Prakhar Garg, Shivam Agrawal among others.
The ED initiated an investigation based on FIRs registered by Uttar Pradesh Police against directors, promoters, agents and managers, namely Jai Kishan Singh Rana, Bheekam Singh, Bipin Kumar Yadav and others.
The probe revealed that the company defrauded gullible investors and collected huge sums of money. Various immovable properties acquired by the company and accused at various locations in UP were identified, and a Provisional Attachment Order attaching the Proceeds of Crime (POC) worth Rs 84 crore was issued. The same was confirmed by the Adjudicating Authority in 2023.
So far, 74 FIRs have been registered in the matter.
