Under the Prevention of Money-laundering Act (PMLA), 2002, the Directorate of Enforcement (ED) has provisionally attached movable and immovable assets belonging to Praveen Kumar and Vijay Kumar in the form of land, buildings, and vehicles worth Rs. 1.71 Crore in the case of M/s India Advertisement Services relating to the defrauding of trusting investors.
Based on an FIR filed by the Himachal Pradesh Police under different sections of the IPC, 1860, the ED launched a money laundering inquiry.
According to an inquiry by the ED, Parveen and Vijay Kumar launched a pyramid scheme at Una, Himachal Pradesh, under M/s India Advertising Services, in which investors were promised a monthly payment in exchange for purchasing subscriptions to the company’s app. The investors were then tricked into buying comparable subscriptions by encouraging more and more consumers to do the same. The defendants were involved in scamming thousands of such unsuspecting little investors & fled with their funds. In this case, the entire amount of the crime’s proceeds is Rs. 3 crores (approx).
The inquiry also showed that Vijay and Parveen Kumar bought many mobile and fixed properties using money obtained by deceiving and scamming investors. As per the terms of the PMLA, assets worth Rs. 1.71 crores in the shape of land, buildings, and cars have been attached. More research is being done.
