Ponzi fraud case: Searches at 5 locations in Bengaluru

Bengaluru: The Enforcement Directorate (ED), on Tuesday conducted searches at 5 locations in Bengaluru and Mandya district of Karnataka, according to the Enforcement Directorate (ED).

The ED said the locations belonged to Hindustan Infracon India Limited and related persons. The search was conducted in connection with a Ponzi scheme fraud case according to a report of ANI in ndtv.com.

ED has conducted searches on 27.6.2023 at 5 locations of Bengaluru/Mandya (Karnataka) belonging to M/s Hindustan Infracon India Ltd & related persons in a Ponzi Scheme fraud case. During the searches, various incriminating documents & records of cash transactions were seized,” said the ED on Saturday. A Ponzi scheme fraud tricks investors into making huge investments by promising them massive profits.