ED raids premises of ex-officer, 2 others

The Enforcement Directorate (ED) on Thursday searched the premises of an ex-deputy director and others in connection with a money laundering probe in a ₹600 crore alleged ponzi scam case.

ED officials said the houses of its former officer Gurnam Singh, advocate Puneet Sharma and another person in Chandigarh and Mohali were raided under provisions of the Prevention of the Money Laundering Act.

Singh has been the investigating officer of the ponzi case and was relieved from the ED last year in January.

Officials claimed that Singh was allegedly taking bribes to the tune of about ₹4-6 crore in purported connivance with Sharma.

The case, the ED had said, pertains to thousands of investors who were “systematically lured and cheated to the tune of more than ₹600 crore by floating ponzi or pyramid schemes assuring exorbitant returns”.

It said that the alleged “mastermind” of the scheme is a Malaysian identified as Mugundhan Gangam who floated two firms — M/s Unipay 2U Marketing Private Limited and Unigateway2U Trading Private Limited — in India.

Describing the modus operandi of the alleged cheating in this case, the agency said the early investors of the ponzi schemes floated by the firm were paid exorbitant returns in order to win over their confidence. HTC

NEW DELHI/CHANDIGARH: