7 months ago
ED Attaches Properties in Two Major Fraud Cases
The Enforcement Directorate (ED) has attached properties worth ₹15.97 crore in the Apexa Group fraud case and ₹20.85 crore in the MUDA scam.
The Apexa Group, led by Murli Manohar Namdev, allegedly collected ₹194.76 crore from investors through fake schemes promising high returns.
The ED found that the group did not have a real way to make these profits and instead used the money to buy properties and for personal gains.
Many investors, especially during the COVID-19 pandemic, asked for their money back, but the group couldn't pay, leading to the collapse of the schemes.
In the MUDA scam, the ED attached properties involving Chief Minister Siddaramaiah and others, with a total market value of ₹20.85 crore.
The ED has attached proceeds of crime worth ₹460 crore so far in the MUDA case, which involves the illegal allotment of sites by the Mysuru Urban Development Authority (MUDA).
ED attached properties worth ₹15.97 crore in Apexa Group fraud case and ₹20.85 crore in MUDA scam.
Apexa Group allegedly collected ₹194.76 crore from investors through fraudulent schemes between 2012 and 2020.
MUDA scam involves illegal allotment of sites by Mysuru Urban Development Authority (MUDA).
Proceeds of crime worth ₹460 crore have been attached in the MUDA case.
Both cases involve high-profile individuals and significant financial losses for investors.
- Who
- Enforcement Directorate (ED), Apexa Group, MUDA, Chief Minister Siddaramaiah
- What
- Provisional attachment of properties worth ₹15.97 crore in Apexa Group fraud case and ₹20.85 crore in MUDA scam
- Where
- Apexa Group: Jaipur, Rajasthan (properties in Bundi, Baran, Kota); MUDA: Bengaluru, Mysuru
- When
- Apexa Group: Attachment order issued on Thursday, announcement on Friday; MUDA: January 21
- Why
- Apexa Group: Allegations of fraudulent investment schemes leading to substantial losses for investors; MUDA: Illegal allotment of sites by MUDA
Key facts
- Apexa Group Properties Attached
- 37 immovable, 1 movable
- Apexa Group Total Value
- ₹15.97 crore
- Apexa Group Location of Properties
- Bundi, Baran, Kota (Rajasthan)
- Apexa Group Accused Individuals
- Murli Manohar Namdev, Durga Shankar Merotha, Anil Kumar, Giriraj Nayak, Shobha Rani
- Apexa Group Funds Collected
- ₹194.76 crore
- Apexa Group Period of Fraud
- 2012-2020
- Apexa Group Bank Account Funds
- ₹1.50 crore
- MUDA Properties Attached
- 10 immovable, 1 commercial building
- MUDA Total Value
- ₹20.85 crore
- MUDA Proceeds of Crime Attached
- ₹460 crore
- MUDA Accused Individuals
- Chief Minister Siddaramaiah and others
Timeline
ED seizes ₹16 crore in Apexa Ponzi case.
Then, probes ADEL Landmarks Ltd.
In response, ADEL's properties worth ₹16 crore attached.
ED's investigation into ADEL continues for homebuyer cheating.
Properties worth ₹16 crore frozen in Apexa fraud case.
Quotes
Enforcement Directorate
Federal agency investigating money laundering and financial crimes
“Paul played a pivotal role in the conspiracy by facilitating unauthorised access to the strongroom where OMR answer sheets were kept. He handed over the keys of the almirah containing the strongroom keys to Deputy SP Shanth Kumar, allowing accomplices, including Sridhar H, to tamper with the OMR sheets of undeserving candidates to ensure their selection.”
NDTV
“Cash was collected by the management of BMS Educational Trust from the students directly and also through agents who acted as educational consultants.”
NDTV
Sources
Probe Agency Attaches Assets Of Karnataka IPS Officer In Recruitment 'Scam'
ED Attaches Assets of Karnataka IPS Officer in SI Recruitment Scam
Probe into khair wood smuggling racket: ED attaches 14 properties worth Rs 11.3 cr linked to suspects
MUDA scam: ED attaches illegally allotted properties worth Rs 20.85 cr
ED attaches Rs 350-crore assets in Rs 600-crore Rohtas Group real estate scam in Lucknow
