(MENAFN- AsiaNet News) Thrissur: In a significant turn of events, the Third Additional Sessions Court has upheld the confiscation of assets owned by the defendants involved in the Highrich money chain scam. This decision validates the earlier provisional seizure ordered by the Collector, encompassing a diverse range of assets, such as 67 bank accounts, 11 vehicles, and multiple real estate properties.
With this, the assets of Highrich and Highrich capitalists will be in the possession of the collector. The government thus will acquire properties worth around Rs 200 crores.
The owners of Highrich contested the motion for confiscation. However, the court rejected their plea to dismiss the petition.
It's believed that Highrich is among the biggest money chain scams in Kerala's history. The police submitted a report to the court that disclosed a total of Rs 1,630 crore connected to the illegal acts related to the Highrich operation.
Since the outset, the Highrich fraudsters attempted to deter additional complainants from stepping forward in this fraud case. However, with the court affirming it as a money chain fraud, more complainants are expected to approach the CBI. The timely intervention of the District Collector ensured the attachment of the accused's property under the BUDS (Banning of Unregulated Deposit Schemes) Act. The public prosecutor also effectively pursued the case. Notably, this marks the first instance in Kerala where confiscation of property under the Buds Act has been validated.
Following the recommendation of the Director General of Police (DGP), the government issued an order to transfer the Highrich fraud case to the Central Bureau of Investigation (CBI). Currently, both the Enforcement Directorate (ED) and the Crime Branch are investigating the case. The financial investigation wing of the Crime Branch is leading the probe. Initial findings suggest a total fraud of Rs 750 crores, with the number of cases increasing daily. Given the gravity of the situation, the recommendation was made to involve the central agency. Consequently, the Home Department issued an order directing the DGP to promptly hand over the pro forma report to the Central Government.
MENAFN29042024007385015968ID1108150038
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.