The Directorate of Enforcement (ED) has filed a Prosecution complaint under the Prevention of Money-laundering Act (PMLA), 2002 against M/s. Bluemax Capital Solution Private Limited and its directors R. Aravinth, S. Bharathraj, S. Gopalakrishnan, and others in a case involving defrauding people by luring them to invest and trade in Forex, Commodities, and Gold by creating a fake website promising exorbitant returns. The Hon’ble Special Court (PMLA), Madurai, has taken cognizance of the offence of money laundering.
The PMLA investigation discovered that the accused firm created a bogus website and mislead consumers into believing that they were dealing in Forex, gold, and commodities in their accounts via the website. Unfortunately, this was not the case, as the false website was eventually shut down and revealed to have been hacked, claiming to have lost all of the deposited money and deceiving the investors.
Subsequent investigation indicated that a total of Rs.116 crore was collected from the common population, with a portion of this revenue being routed to different foreign corporations in Hong Kong, UAE, Switzerland, and elsewhere. The syphoned stolen money was stacked and used by the directors to invest in cryptocurrency and acquire movable and immovable property. After that, the ED recovered moveable assets in the shape of cash, jewellery, and crypto currencies worth Rs. 2.13 crore and frozen bank balances of Rs. 3.24 crore during searches.
On November 18, 2022, the Directors of M/s. Bluemax Capital Solution Private Limited, as well as J. Amarnath, a close associate of the Directors, were arrested. They are presently in the custody of the courts. Further research is being conducted.
