BENGALURU: The Directorate of Enforcement (ED) 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 have a 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.1.49 crore.
ED initiated money laundering investigation on the basis of FIR dated March 3, 2018 registered by the Banashankari police station, Bengaluru against partners and other associates of Vikram Investments viz Raghavendra Srinath, along with his associates - 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.