New Delhi, Dec. 19 -- The Enforcement Directorate's Kochi Zonal Office on Friday attached movable and immovable properties worth Rs 3.78 crore, alleging they were derived from proceeds of crime generated by individuals running a ponzi scheme, 'My Club Traders'.
The attached assets include agricultural land, residential premises, commercial land with an office building, and bank accounts in the names of the accused, Muhammed Faisal and Abu Sufiyan, their associates, and related companies.
The ED initiated its investigation based on multiple FIRs registered by the Kerala Police under Indian Penal Code sections related to cheating and fraud. The cases involved the collection of large deposits from the public under the pretext of investment o...