Mega scam of Rs 308 crore: Maxizon directors defrauded 16,927 investors, sensational revelations in ED’s charge sheet:

News India Live, Digital Desk: Company that embezzles the hard earned money of thousands of people in the name of investment in Jharkhand Maxizone The Enforcement Directorate (ED) has completely tightened its grip against him. The recent chargesheet filed by the ED has revealed that the directors of the company had systematically 16,927 investors closer to Rs 308 crore Has committed fraud. This scam is a big blow to the middle class families of not only Jharkhand but also the surrounding states.

How was the web of fraud woven?

According to the ED investigation, Maxizone Touch Private Limited and other companies linked to it had lured investors to double their money in a very short time and get huge returns. The company recruited people by taking the help of pyramid scheme and Ponzi scheme. In the initial phase, the trust of some investors was won by giving small returns, after which thousands of people invested their life savings in this company.

Extravagance of directors and misappropriation of funds

The chargesheet states that Rs 308 crore raised from investors was used by the company’s directors for personal luxuries, buying expensive properties and transferring funds to other shell companies. ED has seized documents of several benami properties and bank accounts during the investigation, which have been found to be directly linked to the scam money.

ED’s action and investors’ expectations

The Enforcement Directorate, acting under the Prevention of Money Laundering Act (PMLA), has already attached assets worth crores of the accused. After this charge sheet, the troubles of the accused are going to increase further. On the other hand, thousands of investors who were victims of fraud are now hoping that with the intervention of the government and the court, they will be able to get their lost money back.

The case reached ED from Jharkhand Police

Initially the case was being investigated by the local police, but seeing the scale of the scam and strong evidence of money laundering, the ED took over the case. Investigation has also revealed that the company had misled people by organizing grand seminars in many cities.