ED attaches properties worth Rs 2.09 crores related to MLM Company Oro Trade

Enforcement Directorate (ED)has attached movable and immovable properties in the form of Shopping Complexes and residential properties worth Rs. 2.09 Croresituated across Rajasthan and Gujarat in the case of a Multilevel marketing company, M/s Oro Trade Network India (Ltd), its Directors Shri Satyendra Sharma and his family members under the provisions of Prevention of Money Laundering Act, 2002 (PMLA).

Written by January 25, 2019 14:49

New Delhi: Enforcement Directorate (ED)has attached movable and immovable properties in the form of Shopping Complexes and residential properties worth Rs. 2.09 Croresituated across Rajasthan and Gujarat in the case of a Multilevel marketing company, M/s Oro Trade Network India (Ltd), its Directors Shri Satyendra Sharma and his family members under the provisions of Prevention of Money Laundering Act, 2002 (PMLA).

Around 48 FIRs were registered by the State Police authorities under Prize Chit and Money Circulation Scheme (Banning) Act, 1978 against the company and its Directors and investigation was conducted by the Special Operation Group (SOG), Jaipur, Rajasthan and Charge sheets have been filed.

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An investigation by ED under PMLArevealed that the company and its Directors have conspired and lured a number of investors to invest in their schemes by promising high returns and collected around Rs. 44 Crores in pursuance of Criminal Conspiracy, cheating and criminal breach of trust.Company and its Directors Shri Satyendra Sharma, Smt. Sandhya Sharma has acquired various immovable and movable properties out of the Proceeds of crime. With this, total 4 Provisional Attachment Orders (PAO) worth Rs 7.55 Crores have been issued by this Directorate.

 

A Prosecution Complaint under Section 45 of PMLA, 2002 for the offence of Money Laundering has already been filed against 7 persons/entities in the instant case. Non Bailable Warrants against all the accused persons have been issued by the Special Court, PMLA. Main accused Shri Satyendra Sharma @ Rahul Sharma has been arrested and his bail application has also been rejected by the Hon’ble High Court, Rajasthan.

 

Further investigation is in progress.