The Enforcement Directorate (ED) has attached movable and immovable assets acquired by the promoters of Bhausaheb Chhabu Chavan, Arati Bhausaheb Chavan and others worth Rs 84.24 crore in the multi-level marketing scheme case of M/s KBC Multitrade Pvt Ltd.
The ED also seized DEMAT accounts, post office savings, silver and diamond jewellery, bullion and bank account balances located in Nashik, Thane, Sindurgarh, Pali districts, among other areas across Maharashtra and Rajasthan.
Recently, the ED conducted searches in Nashik and Thane as part of an investigation into KBC and their promoters and directors on March 8 and 11. They seized 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.
The ED attachment and search operation are based on the ED's investigation on several FIRs registered in Parbhani, Nashik and other districts across Maharashtra under various sections of the IPC, 1860 against the accused.
ED investigations revealed that the accused hatched a conspiracy to allure people through a multilevel marketing scheme run under the aegis of M/s KBC Multitrade Pvt Ltd and M/s KBC Club and Resorts Pvt Ltd. They promised attractive refunds to the public on their investment but ended up duping them of more than Rs200 crore.
