New Delhi, Feb 4 (.) The Enforcement Directorate (ED), Jalandhar Zonal Office, today said it has attached movable properties in the form of four bank accounts, amounting to Rs 4.07 crore, belonging to Crown Credit Co-operative Society Limited in connection with a Ponzi scheme case.
The case involves Jagjeet Singh, President-cum-Managing Director of Crown Credit Co-operative Society Limited, and his associates, who allegedly dishonestly induced members of the general public across Punjab to deposit their hard-earned money with the society by making false representations and assurances of high returns.
The ED initiated its investigation based on various First Information Reports registered by Punjab Police against Crown Credit Co-operative Society Limited and others.
The ED investigation revealed that Crown Credit Co-operative Society Limited, its President-cum-Managing Director Jagjeet Singh, Vice President Ms Gurmeet Kaur and its agents duped the general public. Investors were induced to deposit their hard-earned money with the society under promises of high returns and rapid doubling of their investments.
These funds were subsequently diverted for personal use and to pay off other investors, thereby expanding the scale of the scam. The investigation so far has revealed that the deposits made by investors were collected and consolidated into four bank accounts of Crown Credit Co-operative Society Limited, which have now been provisionally attached by the ED.
Further investigation into the matter is ongoing.
. ATK .