New Delhi, Feb. 5 -- The Directorate of Enforcement (ED) has registered an ECIR, a case under the Prevention of Money Laundering Act (PMLA), against promoters and key functionaries of the Nedumparambil Credit Syndicate (NCS Group) for allegedly cheating depositors by collecting funds under the promise of high returns.
The action was initiated based on multiple FIRs registered by Kerala Police.
"During preliminary investigation, it was revealed that several depositors across Kerala were induced to invest substantial amounts, which were neither repaid nor yielded the promised returns. Analysis of bank accounts belonging to NCS Group entities indicates large-scale financial transactions, diversion of funds to multiple related entities, and s...