Maid, driver listed as directors: What ED found in raids on Rs 2,400-cr Aarudhra scam
According to the ED, the investigation exposed a complex web of financial deception where the alleged masterminds used these figureheads or dummy directors to mask their activities.
Enforcement Directorate (ANI)
CHENNAI: The searches across the country that the Directorate of Enforcement (ED) undertook on Tuesday in connection with the Aarudhra Gold Trading Pvt Ltd (AGTPL) Ponzi scheme case helped uncover several crucial information, including that the directors that the company had listed were in fact employees who held menial jobs and were unaware of the company's operations.
The revelation came during extensive search operations conducted by the ED's Chennai Zonal Office on Tuesday at 21 locations across Chennai, Kancheepuram, Mumbai, and Kolkata under the Prevention of Money Laundering Act (PMLA), 2002.
According to the ED, the investigation exposed a complex web of financial deception where the alleged masterminds used these figureheads or dummy directors to mask their activities. During the searches, officials found that individuals listed as directors were actually working as driver and house help.
"They were seemingly appointed to create a facade of a legitimate corporate structure," sources said.
The ED initiated its money laundering probe based on a first information report (FIR) filed by the Economic Offences Wing (EOW) in Chennai. The FIR alleged that Aarudhra Gold Trading and its promoters collected massive deposits from the public after luring them with sky-high monthly returns ranging from 10 to 30 per cent, along with incentives like gold coins and referral commissions.
The scale of the fraud is monumental, said the agency. As per police records, more than 1.04 lakh depositors have been affected, with claims submitted amounting to approximately Rs 2,438 crore as of June 2023. The default amount has been quantified at Rs 1,404 crore. The alleged kingpin, V Rajasekhar, and his wife remain absconding.
The ED's financial analysis revealed total credits and debits of around Rs 2,000 crore in the accounts of Aarudhra and entities connected to it. A key finding was the identification of approximately 1,230 high-value transactions, totalling Rs. 1,060 crore, which primarily represented a "circular movement of funds" between multiple bank accounts of the company to layer the illicit money, the agency said.
During the raids, the agency seized documents and digital evidence related to investments and property holdings. Also, cash amount of Rs 22 lakh was seized, along with property documents valued at over Rs 1.50 crore.
