Lucknow, June 26 (IANS) The Enforcement Directorate (ED) has provisionally attached one movable and 20 immovable properties worth Rs 5.35 crores belonging to Hello Ride Limited, its directors, presidents, agents and others under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, officials have said.
The officials said the properties attached were in the form of agricultural lands and residential plots and were located in Lucknow, Kanpur and Prayagraj districts.
The ED had initiated the investigation on the basis of multiple FIRs registered by Uttar Pradesh Police in Vibhuti Kand police station, Lucknow under IPC sections 406 for criminal breach of trust, 409 for criminal breach of trust by public servant and 420 for cheating against Abhay Kumar Kushwaha, Neelam Verma, Nikhil Kushwaha, Rajesh Pandey, Shaqeel Ahmad, Ragini Gupta and others.
The officials said the investigation revealed that Abhay Kushwaha along with his associates generated proceeds of crime by committing offences under the provisions of PMLA, 2002.
The company launched a bike taxi scheme under the brand Hello Ride, similar to the services provided by aggregators such as Ola and Uber, as per which the company promised to pay Rs 9,585 per month for 12 months on an initial investment of Rs 61,000 per bike.
On the allurement of such a high return on investment, Hello Ride and its directors and agents collected huge deposits from the general public. As alleged, the total amount involved in 33 FIRs is Rs 10,93,71,000.
They purchased these immovable properties between 2018 and 2019 by utilizing the proceeds of crime. The properties were purchased at an undervalued price on record, but a huge cash component was also involved in the transactions, the officials said.
Previously, 28 immovable properties worth Rs 2.38 crores were provisionally attached and later confirmed by the Adjudicating Authority. The total attachment in this case now stands at Rs 7.73 crores. Further investigation is under progress.
–IANS
amita/sha
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
