IMPHAL: The Enforcement Directorate (ED), Imphal Sub Zonal Office has issued 2nd Provisional Attachment Order (PAO) to the tune of Rs. 33.66 Crore pertaining to M/s Birla Emporium Pvt Ltd, Ira Finance Pvt. Ltd., its Director Yumnan Irabanta Singh and Others in relation to cheating of 5000 gullible investors, the release said on Thursday.
According to the ED, the accused operated fraudulent investment schemes between 2019 and 2021, promising unusually high returns to lure investors.
“ED initiated an investigation based on an FIR registered by the CID (Crime Branch), Manipur, under various Sections of IPC, 1860, against Yumnam Irabanta Singh, Director of M/s Birla Emporium Pvt. Ltd. and Ira Finance Pvt. Ltd.. According to the FIRS, Yumnam Irabanta Singh allegedly operated a fraudulent investment/deposit scheme from 2019 to 2021 that promised high returns to investors. Still, finally, he and his associates had siphoned off several individual depositors’ funds,” the agency said in a statement.
The ED further stated that, “The investigation revealed that Yumnam Irabanta Singh and his entities were operating an unauthorized deposit scheme, collecting large sums from the public with the promise of exorbitant returns. Yumnam Irabanta Singh, along with his associates, has cheated 5000 investors (approximately) of Manipur State and thereby caused wrongful loss to these gullible depositors to the tune of more than Rs.250 Crore and subsequent wrongful gain to himself. It is also revealed that M/s Birla Emporium Private Limited & M/s Ira Finance Private Limited have given loans to public/borrower against the security of their property (Loan Against Property), and the properties of the loanees were transferred and registered in the name of Directors and staff of M/s. Birla Emporium Private Limited, by executing sale deed. The Company has not accepted deposits since the 1st quarter of 2020 and has not returned the promised funds. The said properties, which were registered in the promoters’ names, were also kept in their custody without being returned. Furthermore, these funds, which are Proceeds of Crime (POC) were subsequently utilized in the acquisition of several properties.” (ANI)
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