New Delhi, Jan 28 : The Enforcement Directorate (ED) on Wednesday said it has arrested the director of a Rajasthan-based company on money-laundering charges in connection with an alleged online app-based multi-crore-rupee investment fraud.
Prakash Chand Jain of Digi Mudra Connect Private Limited, a company registered in Jaipur, was taken into custody on Tuesday.
The money-laundering probe stems from a clutch of FIRs registered by police in Madhya Pradesh, Rajasthan, Haryana, Odisha and Maharashtra against Prakash Chand Jain, the Dubai-based “main perpetrator” of the alleged fraud, Ravi Jain, and others.
The federal agency’s probe has found that the accused has “cheated” thousands of people of crores of rupees by alluring them to invest in “fraudulent” schemes with the promise of “very high” returns through their platform or app named My Victory Club (MVC), the ED said in a statement.
A part of these funds is alleged to have been diverted to the personal bank accounts of the company’s promoters, directors, their family members, relatives and agents, according to the ED.
The agency has alleged that the proceeds of crime were diverted for real-estate deals and overseas businesses of the promoters.
Searches were conducted by the agency against the accused in December last year.
