In accordance with the terms of the PMLA, 2002, the Directorate of Enforcement (ED) has detained Biswapriya Giri, the promoter and director of the URO Group of businesses, in a case involving Ponzi/Chit Fund enterprises.
On the basis of a FIR filed by the CBI, Ranchi on September 13, 2017, under different sections of the IPC, 1860, against Biswapriya Giri and others for fraud, criminal breach of trust, forgery, and criminal conspiracy to the account of group firms and others, the ED opened an inquiry under the PMLA, 2002.
Through a network of agents, the URO group of firms allegedly promised to give naive investors larger profits in exchange for more than Rs. 200 Crore, according to an investigation by the ED. The Group planned to be active in a number of industries, including the agro-industry, lifecare, hospitality and resorts, infotech, the automotive sector, real estate, etc. It then failed to make the maturity payment and shifted the funds to numerous other recipients for personal benefit.
On August 18 and August 19, 2023, the ED conducted a search operation at three locations, recovering and seizing evidence relating to the collection of investor funds and the diversion of funds.
The results of the ED investigation showed that the promoters and associates had purchased both movable and immovable assets using the proceeds of crime and that a sizable portion of the funds had also been diverted for promotional and advertising activities in order to publicise this illegal enterprise and stop negative media coverage. Promoter and director Biswapriya Giri was detained on August 20, 2023, and she appeared before the Honourable Special PMLA Court in Kolkata on August 20, 2023. The court granted Biswapriya Giri ED custody till September 1, 2023.
