ED probes Ponzi firm in Kerala for 1,500 crore fraud

The Enforcement Directorate (ED) said on Friday that it has conducted raids at several locations in various states as part of its investigation into money laundering allegations against a Kerala-based firm. The company has been accused of defrauding depositors of Rs 1,500 crore through a Ponzi scheme, the company said. On June 11, searches were launched at several locations of Hierich Online Group's advertisers in Kerala, Maharashtra and Chhattisgarh. This money laundering case has been registered by ED based on multiple FIRs registered by Kerala Police. During the raid, around Rs 32 crore deposited in various bank accounts of the company, its promoters and their family members were frozen and around Rs 70 lakh in cash, jewelery and Rs 4 were seized, the central agency said in a statement. Four wheelers were confiscated.