BENGALURU: The Enforcement Directorate (ED) last Tuesday conducted searches at five locations in Bengaluru and Mandya district, according to the ED.
The ED said the locations belonged to Hindustan Infracon India Ltd and related persons. The search was conducted in connection with a Ponzi fraud scheme case.
“The ED has conducted searches on 27.6.2023 at five locations of Bengaluru/Mandya 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.
A Ponzi scheme fraud tricks investors into making huge investments by promising them massive profits. (ANI)