As per the agency’s information, individuals accused in this case illicitly amassed deposits amounting to ₹389 crore from approximately 7,18,817 investors, luring them with the promise of exceptionally high returns on their investments.
Under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate (ED) has provisionally attached immovable properties with an estimated value of ₹17.48 crore, which belong to Hindustan Infracon (India) Private Limited. This action was taken after the company purportedly failed to refund ₹199 crore to its investors.
The properties that have been attached include non-agricultural land parcels and residential assets situated in Mysore, Bengaluru South (Karnataka), and Anantapur (Andhra Pradesh).
The ED’s investigation commenced based on First Information Reports (FIRs) filed by the Karnataka police against Hindustan Infracon (India) and its directors, who were charged under various sections of the Indian Penal Code (IPC).
The agency revealed that these accused individuals unlawfully amassed deposits totaling ₹389 crore from 7,18,817 investors by enticing them with the promise of extraordinary returns. However, they allegedly failed to return ₹199 crore to the investors.
Further investigations by the ED uncovered that Hindustan Infracon (India) purportedly diverted funds received from investors to make payments to Bharath Builders, Hindustan Mega Shoppe India Limited (a sister concern), an individual named K. Lalitha, and Vajra Properties. These funds were allegedly used for various purposes, including the acquisition of immovable properties and cash withdrawals, ultimately benefiting the accused personally.
