Enforcement Directorate attaches assets of Gold Quest

Following complaints of cheating from thousands of people from across the state, TN police in 2009 had registered a case against Multi-Level-Marketing (MLM) firm Gold Quest International and conducted extensive investigations. 

“Inquiries revealed that the company had expanded their operations by luring the public towards such articles and huge commissions were paid to the marketing people,” joint director KSVV Prasad said. 

As there was clear evidence of cheating and money laundering, ED, Chennai registered an Enforcement Case Information Report (ECIR) in 2016 and conducted investigation under the PMLA Act. 

The probe revealed that several properties were acquired by the senior management of the firm under Gold Quest International Private Ltd, Quest Net Enterprises, and Pallava Resorts Ltd etc. 

Some of the properties seized include residential buildings, vacant lands and complexes in Chennai, Madurai, Hyderabad and Mumbai, presently worth Rs 56 crore besides Rs 5.3 crore in cash and another Rs 48 crore in bank deposits. 

Gold and Silver articles worth Rs 27 crore were also attached by the ED under the PMLA Act, according to KSVV Prasad.