The Enforcement Directorate (ED), in accordance with the Prevention of Money Laundering Act (PMLA) of 2002, has provisionally attached assets worth Rs 4.79 Crore linked to M/s Peers India Corporation Limited and its director, Alok Tripathi. The assets consist of bank balances totalling Rs 3.77 Crore and land valued at Rs 1.02 Crore, situated in Moradabad, Badayun (U.P.), Chittaurgarh (Rajasthan), and Mehsana (Gujarat).
The initiation of this action stems from multiple FIRs and complaints filed by the Uttar Pradesh Police against M/s Peers India Corporation Limited and its directors, including Alok Kumar Tripathi, Ashish Tripathi, and Vishnu Kant Tripathi. In response to these charges, the ED launched an inquiry.
According to the ED’s investigation, M/s Peers India Corporation Limited and its directors engaged in deceiving the public by enticing them to invest in the company with promises of substantial returns, either in the form of land or payments upon investment maturity. The inquiry revealed that the public has contributed over Rs. 25 crore as proceeds of crime. The directors utilized these funds to acquire land across various regions of India.
This development underscores the alleged fraudulent activities conducted by M/s Peers India Corporation Limited and its directors, shedding light on a complex web of financial misconduct that has affected unsuspecting investors. The provisional attachment of assets by the ED serves as a significant step in addressing potential money laundering and ensuring accountability in financial dealings. The ongoing investigation aims to uncover the full extent of the scheme and bring those responsible to justice. Additional research is currently being conducted.
