In connection with a money laundering investigation conducted under PMLA 2002, the Directorate of Enforcement (ED) has provisionally attached immovable and movable properties worth Rs. 63,18,52,275/- (book value) belonging to Sanasam Jacky Singh, Chairman cum Managing Director of Lamjingba Group of Companies, and his associates. The functioning of a huge Ponzi scheme in the state of Manipur is the subject of this lawsuit.
The investigation, in this case, was launched by the ED on the basis of seven (7) related FIRs filed by Manipur Police against Sanasam Jacky Singh, M. Robindro Singh, and other officials of the Lamjingba Group of Companies, indicating the operation of a fraudulent and unauthorised “investment/deposit scheme” that promised investors very high returns and defrauded more than 15000 gullible investors to the tune of approximately Rs 600 Crore.
PMLA investigation discovered that the Lamjingba Group of Companies, directed by Sanasam Jacky Singh, was executing a “large-scale Ponzi scam” by unlawfully collecting massive amounts of deposit money from individual investors between 2017 and 2021 with the promise of excessive profits. The group was operating as a bank or an NBFC without proper registration or licence. The unlawfully obtained monies (mainly in cash) were acquired, transferred, and deposited in different bank accounts of Lamjingba group enterprises and Sanasam Jacky Singh and his colleagues. These monies were then invested and used to buy multiple properties illegally, and these properties were projected to be obtained with proceeds of crime as “untainted assets.”
In this regard, the ED has temporarily attached twenty (20) immovable assets worth Rs. 61,85,09,127/- (book value) and two bank accounts with a balance of Rs 1,33,43,147/- on 17.03.2023. Previously, the principal accused, Sanasam Jacky Singh, was apprehended and is currently in Judicial Custody. Further research is being conducted.
