ED has issued summons to actor Prakash Raj in the Rs 100 crore Ponzi scheme linked to the Pranav Jewellers money laundering case
Prakash Raj
The Enforcement Directorate (ED) has issued summons to actor Prakash Raj in the Rs 100 crore Ponzi scheme linked to the Pranav Jewellers money laundering case.
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Prakash Raj was the 'Brand Ambassador' of Pranav Jewellers, a partnership firm based out of Trichy in Tamil Nadu. He has been summoned to depose before its Chennai office in connection with the case.
It has been learned that the federal agency issued summons to Prakash Raj to get information about the payments he received from Pranav Jewellers.
The move comes after the ED conducted searches on November 20 under the provision of the Prevention of Money Laundering Act (PMLA), 2002 in the case of a Ponzi scheme run by certain accused persons in the name of Pranav Jewellers.
During the searches, various incriminating documents, unexplained cash of Rs 23.70 lakh, bullion, or gold jewellery weighing 11.60 kg were seized.
ED initiated investigation on the First Information Report registered by Trichy's Economic Offences Wing against Pranav Jewellers and others, alleging that Rs 100 crore was collected from public by the firm under the guise of a gold investment scheme with the promise of high returns. Pranav Jewellers failed to return the amount to such investors.
ED investigation revealed that Pranav Jewellers and other connected persons cheated the public by diverting public funds to shell entities and entry providers under the garb of purchasing bullion or gold ornaments.
ED's November 20 searches revealed that the supplier parties in the books of Pranav Jewellers were entry providers, who during the investigation confessed to have provided adjustment and accommodation entries to the firm for amounts over Rs 100 crores and also confessed to having given cash to the accused persons in lieu of bank payments.
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