New Delhi, Nov 27 (PTI) The Enforcement Directorate (ED) Thursday said it has conducted searches in multiple states as part of a ponzi scheme linked money laundering investigation against a Tamil Nadu-based company which is alleged to have duped investors to the tune of more than Rs 1,400 crore.

The raids were undertaken at 21 locations on Wednesday in Chennai and Kancheepuram in Tamil Nadu apart from Mumbai and Chennai in the case against Aarudhra Gold Trading Pvt. Ltd. (AGTPL), its directors and associates.

The money laundering case stems from a Chennai police FIR where it was alleged that the company collected public deposits by promising monthly returns of 10-30 per cent along with incentives such as monthly payouts, gold coins and referral commissions of 2 per cent up to Rs 5 lakh on deposits.

The Economic Offences Wing (EOW) of the Chennai police filed a charge sheet in 2023 against 40 individuals and entities, including the AGTPL group companies, directors, key employees and agents, as per the ED.

According to police, a total of 1,04,433 depositors were affected. The "default" amount has been quantified at Rs 1,404 crore, the federal probe agency said in a statement.

Principal accused in the case, V Rajasekhar, is "absconding" along with his wife, it said.

The ED seized Rs 22 lakh in cash apart from documents of properties worth Rs 1.50 crore during the raids as it claimed that the company had "dummy" directors who were doing menial jobs and were not involved in the affairs of AGTPL. PTI NES ZMN

Ponzi scheme money laundering probe targets a Tamil Nadu company after alleged Rs 1,404 crore investor default and raids. A federal investigation alleges Aarudhra Gold Trading Pvt. Ltd. ran a ponzi scheme collecting public deposits with promised monthly returns and incentives, causing defaults quantified at Rs 1,404 crore affecting 1,04,433 depositors. Searches at 21 locations in Chennai, Kancheepuram and Mumbai followed a 2023 charge sheet by the Economic Offences Wing against 40 persons; seizures included Rs 22 lakh cash and property documents worth Rs 1.50 crore, and authorities allege the use of dummy directors while the principal accused remains absconding.