ED Raids Nashik-Based Firm In Connection With Money Laundering Case; Documents & Jewellery Seized

ED Raids Nashik-Based Firm In Connection With Money Laundering Case; Documents & Jewellery Seized

The ED initiated the investigation based on multiple FIRs registered by Maharashtra Police in Parbhani, Nashik, and other districts across Maharashtra against the company and its promoters.

Rahul MUpdated: Friday, March 15, 2024, 08:54 AM IST
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ED Raids Nashik-Based Firm In Connection With Money Laundering Case; Documents & Jewellery Seized | File pic

Nashik: The Enforcement Directorate (ED) has conducted search operations in Nashik and Thane as part of an investigation into M/s KBC Multitrade Pvt Ltd and their promoters and directors in a money laundering case. The raids resulted in the seizure of documents related to 20 properties valued at Rs62 crore.

Additionally, bank account balances amounting to Rs16.6 crore, demat account balances of Rs44.61 lakh and post office savings worth Rs5.56 lakh were restrained. Gold and diamond jewellery worth Rs30.75 lakh were also seized, along with restraint on four lockers believed to hold proceeds of the crime.

Accused Operated Multilevel Marketing Scheme

The ED initiated the investigation based on multiple FIRs registered by Maharashtra Police in Parbhani, Nashik, and other districts across Maharashtra against the company and its promoters. The accused allegedly operated a multilevel marketing scheme, promising attractive refunds on investments and duping the public of over Rs200 crore.

Members of the public were subscribed to various schemes offered by the company, with promises of commissions, awards and rewards. However, investigations revealed that these promises were made without any actual underlying business activity.

The accused allegedly used membership fees collected from the public for acquiring immovable assets, gold jewellery and investment in shares.

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