In accordance with the Prevention of Money Laundering Act of 2002, the Directorate of Enforcement (ED) has temporarily attached movable property worth Rs. 1.09 crore and a bank balance of Rs. 26.52 lakhs belonging to M/s Sunheaven Agro India Ltd and its directors.
On the basis of the FIR filed by the CBI under several IPC sections against M/s Sunheaven Agro India Ltd. and its directors, the ED began an inquiry. With the aim of making quick and simple money, M/s Sunheaven Agro India Ltd launched a Ponzi scheme that included various investment schemes under the guise of “Product Booking” and Fixed Deposit and Monthly Income Schemes.
Without SEBI, RBI, or any other regulatory authority’s authorization or licence, this Ponzi scam was run. M/s Sunheaven amassed deposits from investors in a number of schemes with the dishonest and fraudulent goal of defrauding the public.
The proceeds that M/s Sunheaven Agro India Ltd fraudulently obtained from investors were utilised to buy homes and for personal expenses, according to an ED probe. Further research is now being conducted.
