Under the Prevention of Money Laundering Act (PMLA), 2002, the Directorate of Enforcement (ED) has been looking into a case against the Pincon Group of Companies and their accomplices. Hari Singh and Binay Singh, who are close allies of Manoranjan Roy (the mastermind of Pincon Group), were placed in the custody of ED.
The ED had custody of Hari Singh and Binay Singh from December 14, 2023, to December 28, 2023, according to the Hon. PMLA Court. Following their detention and questioning, they were both taken into custody and placed in judicial custody.
Based on a formal complaint (FIR) filed by the Khejuri Police Station in Purba Medinipur, West Bengal, against the Pincon Group of Companies’ directors and other officials under various sections of the Indian Penal Code, 1860, and the West Bengal Protection of Interest of Depositors in Financial Establishment Act, 2013, the ED began an investigation. In this case, the Directorate of Economic Offences, Kolkata, had also submitted a chargesheet. It is claimed that Hari Singh oversaw “North India operations of collecting funds from the public” and that Binay Singh actively supported Monoranjan Roy in the management of the chit fund business.
According to an ED probe, the Pincon group of firms Hari Singh, Binay Singh, Manoranjan Roy, and other associates collected money from the public under various schemes such as MIS, FD, and RD, promising a high return rate upon maturity. Nevertheless, they defrauded investors by failing to pay them after they matured. M/s. Pincon Group laundered the proceeds of crime obtained through group firms and family members, having collected Rs. 638 Crore (approximately) from the public in the names of the aforementioned plans.
In connection with this case, Kaustuv Ray and mastermind Monoranjan Roy were previously detained and are presently in judicial custody. Additional research is currently being conducted.
