ED Seizes 15 Cars Including Audis, Mahindra XUV700s, Scorpio-N Connected To Assam Ponzi Scheme
Many innocent people in India fall into the traps of Ponzi scheme companies. These companies and their associates lure in investors by promising to provide returns which are too good to be true. However, despite this, people still end up giving such companies their hard-earned money. Recently, one such company from Assam was raided by the Enforcement Directorate. It was found that this company had managed to collect Rs 258 crore. The ED has also seized 15 cars, including Audis, Mahindras, and Hyundais, from multiple locations in Assam.
15 cars seized by Enforcement Directorate
The images showing the 15 seized cars have been shared on X by the Enforcement Directorate on their page. In these images, we can see multiple Audis, Mahindra SUVs, and Hyundai cars. The ED, Guwahati Zonal Office, in its post, has highlighted that this recent action was taken under the Prevention of Money Laundering Act (PMLA), 2002. The authorities conducted raids in multiple parts of Assam.
According to the ED, M/s Finxpert Trading Solutions OPC Pvt. Ltd., which is also known as Trading FX (OPC), was involved in an illegal Ponzi scheme. As a result of this, they raided multiple locations and managed to seize over 15 cars. These cars include 3 Audi Q3 SUVs, 1 Audi A4 sedan, 2 Mahindra XUV700s, 1 Mahindra Scorpio-N, 7 Hyundai Grand i10 Nios, and 1 Tata Tiago.
How did this Ponzi scheme work?
It has been reported by the authorities that M/s Finxpert Trading Solutions OPC Pvt. Ltd. would collect funds from the public under false promises of extremely high returns. They promised that the investors would get up to 18 percent return every month. Additionally, it also paid a commission of 3 percent to agents over and above the 18 percent given to investors.
This company would make the payments to old investors using subsequent investments received from new investors. It has also been reported that once this company would accumulate a substantial sum of money, they would stop the payment of both interest and principal. In total, this company had managed to accumulate Rs 258 crore from the investors.
Cars were given to agents
The investigation found out that this company would recruit local agents in Assam and ask them to bring in investors. They were then gifted high-end vehicles like the Audis and Mahindras based on the amount of money brought in by their investors. These cars, which have been seized by the ED, were used as promotional tools. Their objective was to create an illusion of success and lure more unsuspecting investors.
As a result of this Ponzi scheme being operated across Assam, many FIRs were registered by the Assam Police. Currently, the Enforcement Directorate is continuously investigating this matter, and it has been reported that there are more similar Ponzi schemes currently operating in Assam.
Never fall for such schemes
As mentioned above, these Ponzi scheme companies have mastered the art of scamming people by promising such high returns, which are generally impossible. Unfortunately, many people fail to understand that such promises never get fulfilled, and there are no shortcuts in investing. So, if you're one of those people who are being lured by such agents who are promising sky-high returns, we request you to report them to the authorities.