BHUBANESWAR: The Enforcement Directorate (ED) seized cash and gold ornaments worth lakhs during searches at various locations including the state capital as part of its probe into Artha Tatwa Group of Companies chit fund scam.
During searches conducted on Thursday, various incriminating documents along with undated cheques, sale deed agreements, digital devices, Rs 23 lakh in cash, one Audi Q3 SUV worth around Rs 35 lakh and jewellery amounting to Rs 24.15 lakh were seized, said ED in a statement on Friday.
The searches linked to AT Group scam came after a gap of a few years. “ED’s investigation into the AT Group scam had not concluded. During further probe, involvement of some other persons in the ponzi scam surfaced and accordingly seizures were made,” said sources. ED had initiated investigation into the scam based on FIRs registered by Central Bureau of Investigation (CBI) against AT Group.
Investigation revealed the ponzi firm indulged in fraudulent collection of deposits from people without obtaining mandatory permission from regulatory authorities. AT Group had formed different real estate companies and other such interconnected entities to run a ponzi investment scam. So far, proceeds of the crime amounting to Rs 135 crore have been attached.