On the 6th of April, Thursday, the Enforcement Directorate (ED) confirmed to freeze assets and cash worth Rs. 18.79 crores, held in 18 bank accounts of a Hyderabad based company Multyjet Trade Pvt Ltd.
The ED, which is investigating a ponzi scam, multi level marketing and investment scam, said Mr. Tekula Mukthiraj, the Promoter Director of Multyjet Trade Private Limited and others were also detained and interrogated in the case. The ED has registered a case under the PMLA Case.
The ED initiated investigation under PMLA on the basis of an FIR registered by Central Crime Station, Hyderabad. In the charge, the Central Crime Station, Hyderabad mentioned that the aforementioned company is indulging in fraudulent multi level marketing and investment schemes.
After an investigation, the ED officials said, “Investigation under PMLA revealed that Multyjet Trade Pvt Ltd, Tekula Mukthiraj and others duped (the) general public in the guise of an investment scheme. For this, a website by the name www.multyjettrade.com was created on which the victims were shown their virtual accounts to give an impression that they were earning profits from commodity trading. In this manner, Multyjet Trade Pvt Ltd collected more than Rs. 100 crore from (the) general public in a short span of 3-4 months between August 2022 and November 2022 in Ponzi scheme.”
The ED further said, initially, Multyjet Trade Pvt Ltd provided returns on the money invested by the public. However, over a period of time, they stopped responding to the investors and eventually closed their operations.
As of now, the matter is under investigation, further details are awaited.
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