ED attaches assets worth Rs 85 crore in Dream Makers fraud case
The Enforcement Directorate also restituted over Rs 37 lakh to victims of a separate investment fraud involving Bluemax Capital Solutions.
The Enforcement Directorate (ED) has provisionally attached movable and immovable assets valued at Rs 85.19 crore in connection with an investment fraud probe involving Dream Makers Global Private Limited (DMGPL), according to The New Indian Express.
The agency initiated investigations into DMGPL following an FIR filed by the Economic Offences Wing (EOW) in Coimbatore. The company and its managers allegedly promised investors high daily returns and the doubling of their capital within 150 days through various software packages.
The ED stated that approximately Rs 400 crore was deposited into three main bank accounts of the company. This money was allegedly moved through various accounts to purchase gold, properties, and other assets, while agents received high commissions.
In a separate matter, the ED's Madurai Sub-Zonal Office restituted Rs 37,57,697 to investors following a special court order in Madurai. This pertains to Bluemax Capital Solutions Private Limited, which allegedly took more than Rs 100 crore from the public by promising attractive returns.
The agency had previously conducted searches at locations linked to DMGPL and its associates on June 30.