The Enforcement Directorate (ED) of the Government of India has arrested Pranjil Batra under the country’s AML law for defrauding thousands of depositors through various Ponzi schemes across the country through the Haryana-based company Future Makers Life Care Private Limited.
ED’s investigation began after it took cognizance of the various cases filed in the states of Haryana and Telangana against the company which ran pyramidal Ponzi schemes. Batra, as the person in-charge of the company’s software, siphoned off over ₹ 500 million ($6.51m) from the company’s accounts by creating fake IDs and using bank accounts of relatives, associates and shell companies.
He used the illicit proceeds to purchase properties, jewellery and shares of high-net-worth shell companies. He even sold some of the purchased immovable properties to entities he controlled to conceal the origin of the funds. Source: Enforcement Directorate, Government of India