Surat : The Enforcement Directorate (ED) on Saturday conducted raids in the union territory of Daman against the owners of a Chit fund and networking company in connection with a money-laundering probe linked to the alleged financial fraud in the country.
Official sources said that the promoters of Radha Madhav Corporation Private Limited, a Chit fund and networking company in Daman, had defrauded scores of people in the union territory, Gujarat and many other states in the country. The ED had received many complaints from the victims who were cheated by the promoters of the company in the name of huge financial gains.
The ED officials said that they have seized a large amount of incriminating evidence and digital records during the raids conducted at the company and the residence of its promoters identified as Anil Agarwal and Mitesh Agarwal–father-son duo.
Sources said that the company promoters had launched enticing schemes in 2014 to attract the gullible investors. Against the investment of Rs 2 lakh, the company was giving away home products worth Rs 20,000 and Rs 24,500 per month for two years.
Sources said that more than 50 lakh people had joined in the scheme launched by the accused and that they lost huge amount of money in the last two years.
A senior ED officer said that the teams were camping in Daman from the last three days. However, the father-son duo are still at large.