ED Restitutes Rs 37.57 Lakh To Duped Investors In Bluemax Capital Solutions Case
The Enforcement Directorate (ED), Madurai Sub-Zonal Office, has restituted Rs 37,57,697 in connection with the case registered under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the official said in a statement.
The ED action against Bluemax Capital Solutions and others followed an order passed by the Special Court (PMLA), Madurai under Section 8(8) of the Act, 2002.
The ED investigation was initiated based on FIRs registered by Tamil Nadu Police under Sections 120B, 406, 409 and 420 of the IPC, 1860, Section 5 of the TNPID Act, 1997 and Sections 3, 4, 5 and 21 of the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019 on complaints from investors, the ED said.
The central probe agency's investigation revealed that Bluemax Capital Solutions Pvt Ltd collected more than Rs 100 crore from the public.
The investors were told that their funds would be deployed in forex, commodities, gold and other trading, and were promised attractive returns, the ED said.
The company was not authorised to undertake forex trading. The funds were not deployed as represented. Part of the funds was routed through bank accounts of other entities and persons, and part was used to acquire crypto assets and invested in movable and immovable properties, the ED said.
During the investigation, the ED conducted searches at multiple premises. Assets including cryptocurrency valued at Rs 8.89 crore were seized, frozen and attached, the statement said.
After the investigation, a prosecution complaint was filed before the Special Court (PMLA), Madurai, and the trial is in progress, the ED said.
Restitution to the other victims, whose applications have been allowed by the Special Court, is in progress, it said.
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