ED searches five locations in Rs 600cr ponzi probe

28 Jul 2017

The ED on Friday conducted searches at five locations in the country in connection with a money laundering ponzi case worth Rs 600 crore.
"The searches at 5 places across India are related to Kamal K Bakshi and A K Singh in relation to Uni Pay group ponzi scam. The total scam is over Rs 600 crore," the Enforcement Directorate said in a statement.
A senior official said the agency had registered a criminal FIR under the Prevention of Money Laundering Act (PMLA) based on a police FIR in the case.
Further details are awaited.