ED attaches property of NGO which ran Ponzi scheme
The Enforcement Directorate has attached immovable assets worth approximately Rs 2.75 crore belonging to Burdwan Sunnmarg Welfare Organization and others under Prevention of Money Laundering Act
The Enforcement Directorate (ED) has attached immovable assets worth approximately Rs 2.75 crore belonging to Burdwan Sunnmarg Welfare (BSW) Organization and others under Prevention of Money Laundering Act (PMLA).
The ED initiated money laundering investigation on the basis of an FIR and chargesheet filed by the CBI, Kolkata against Burdwan Sunnmarg Welfare Organization and others.
"Soumyarup Bhowmik is chairman of Burdwan Sunnmarg Welfare Organization which came up with a ponzi scheme with different investment schemes under the garb of Bond and Product. This ponzi scheme was operated without permission, license from the Regulatory Authorities, BSW with a dishonest and fraudulent intention to cheat the public. Total Proceeds of Crime(POC) in the case have been quantified at approximately Rs 20 crore," said the ED official.
The ED learnt in the investigation that the funds so collected from the investors by BSW were being used for purchase of the properties.
Further investigation in the matter is underway.