The Directorate of Enforcement (ED) has attached movable and immovable assets worth Rs 59.44 crore of Vaibhav Dipak Shah, Sagar Diamonds; RHC Global Exports, and their associates under provisions of Prevention of Money Laundering Act (PMLA), 2002 in connection with the alleged Power Bank App fraud case.
The enforcement agency said that it had initiated investigation on the basis of various FIRs registered by Uttarakhand Police, Special Cell Delhi Police and Karnataka Police.
What is Power Bank App fraud case
In June 2021, Delhi Police Cyber Cell made several arrests for cheating people of Rs 150 crore using fake app on the Google Play Store. These apps promised lucrative return on investments at attractive rates. They roped customers in using the app and with a promised return rate of 5%-10% on the investment amount. Once they had managed to garner interest from potential investors, they would take their money and go silent. They even blocked the user accounts. These apps are Power Bank app, Tesla Power Bank app, Ezplan. They were floated on digital platforms like Google Play Store and others, to what ED said is to “lure the gullible public” in India to make investments in plans falsely assuring huge returns.
What ED said
It said the investigation revealed that a few Chinese nationals, who as part of a larger conspiracy and with a sole object of cheating the Indian public, incorporated a number of shell companies in India with the help of Chartered Accountant and Company Secretary (CA/CS) and other Indian professionals. Earlier, ED had conducted searches relating to this case and it was revealed that the persons and entities involved, siphoned off huge funds abroad in the garb of bogus imports. During the course of the search, currencies and valuable items worth Rs 10.34 crore were seized and bank accounts having balances of Rs 14.81 crore were freezed.
“In the case, one provisional attachment order was also issued on 06.02.2022 attaching a sum of Rs. 4.92 Crore. Three persons were arrested in the case and a Prosecution Complaint was filed against the accused persons on 25.04.2023 and the same is under trial before the Special Court, PMLA, New Delhi,” ED said.
The enforcement agency said that it had initiated investigation on the basis of various FIRs registered by Uttarakhand Police, Special Cell Delhi Police and Karnataka Police.
What is Power Bank App fraud case
In June 2021, Delhi Police Cyber Cell made several arrests for cheating people of Rs 150 crore using fake app on the Google Play Store. These apps promised lucrative return on investments at attractive rates. They roped customers in using the app and with a promised return rate of 5%-10% on the investment amount. Once they had managed to garner interest from potential investors, they would take their money and go silent. They even blocked the user accounts. These apps are Power Bank app, Tesla Power Bank app, Ezplan. They were floated on digital platforms like Google Play Store and others, to what ED said is to “lure the gullible public” in India to make investments in plans falsely assuring huge returns.
What ED said
It said the investigation revealed that a few Chinese nationals, who as part of a larger conspiracy and with a sole object of cheating the Indian public, incorporated a number of shell companies in India with the help of Chartered Accountant and Company Secretary (CA/CS) and other Indian professionals. Earlier, ED had conducted searches relating to this case and it was revealed that the persons and entities involved, siphoned off huge funds abroad in the garb of bogus imports. During the course of the search, currencies and valuable items worth Rs 10.34 crore were seized and bank accounts having balances of Rs 14.81 crore were freezed.
“In the case, one provisional attachment order was also issued on 06.02.2022 attaching a sum of Rs. 4.92 Crore. Three persons were arrested in the case and a Prosecution Complaint was filed against the accused persons on 25.04.2023 and the same is under trial before the Special Court, PMLA, New Delhi,” ED said.
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