ED has started investigation under the Money Laundering Act in a major case of alleged cheating of investors in Kerala. This action is being taken under PMLA. ED started this investigation on the basis of several FIRs registered by Kerala Police. These FIRs have been registered against the promoters of Nedumparambil Credit Syndicate (NCS Group) and its key officials.
NCS Group had deposited huge amount by luring higher returns.
It is alleged that NCS Group lured the investors with higher returns and made them deposit huge amounts, but later neither the money was returned nor the promised profits were given. Initial investigation by ED has revealed that many people in different districts of Kerala had invested their savings in NCS Group. Investors say that they did not get returns on time and gradually their original money also got stuck.
ED has found evidence of suspicious transactions on a large scale
In the investigation of bank accounts, ED has found evidence of suspicious transactions on a large scale. The investigation also found that the deposited amount was transferred to many other related companies and accounts. Apart from this, there have also been indications of huge cash withdrawal. ED suspects that a large part of the money raised from investors has been invested in land and other immovable properties at different places in Kerala. The investigation is being taken forward from this angle.
ED has also conducted search operations
ED has also conducted search operations to collect important evidence in the case. During these raids, necessary documents, digital records and other evidence have been seized, so that the complete trail of the alleged proceeds of crime i.e. the money earned from the crime can be traced. ED says that the investigation is still going on and more revelations may be made in the coming days.
