In connection with a Ponzi Scheme that affected thousands of investors throughout the states of Punjab, Rajasthan, and Himachal Pradesh, the Directorate of Enforcement (ED) has temporarily attached 87 properties worth $4.15 million owned by M/s NGHI Developers India Ltd. and its other group companies.
In accordance with the instructions of the Honourable High Court of Punjab and Haryana, the ED, Jalandhar, launched the inquiry in this respect in accordance with the provisions of the Prevention of Money Laundering Act, 2002. The ED’s investigations revealed that many FIRs against Pipal Singh, the managing director of the Nicer Green Group firms, and others were discovered and filed at various police stations in Punjab, Rajasthan, and Himachal Pradesh under various IPC, 1860 provisions. Pipal Singh was detained by the police, but the Hon’ble High Court granted him release on the grounds that he would repay the investors’ money, which he never did. The TarnTaran court has proclaimed him to be an offender.
The main accused Pipal Singh and his friends established/incorporated many companies, according to the ED probe. On the false promise of huge profits, the directors of Nicer Green Group Businesses had created FD(s)/RD(s) as the proceeds of crime. When the maturity period had passed, the accused people failed to refund the investors’ money and pressured them to participate in their new businesses in order to receive their money back. Investigation into the case further showed that the criminals had shifted the proceeds of their crimes and parked them in a number of real estate purchases made in the states of Punjab, Madhya Pradesh, and Uttar Pradesh under the names of M/s NGHI Developers India Ltd and other group entities. The situation is still being looked into further.
