Chandigarh/New Delhi, July 28 (IANS) The Enforcement Directorate (ED) on Friday conducted raids at five places across the country against Chandigarh-based Uni Pay Group for its involvement in a Rs 600 crore ponzi scam, an official said.
A probe is underway against the Uni Pay Group under the Prevention of Money Laundering Act (PMLA). The ED had filed an FIR following a case registered by Chandigarh Police.
“ED conducted searches at five places across India of Kamal K. Bakshi and A.K. Singh in relation to Uni Pay group ponzi scam. Total scam is over Rs 600 crore,” an ED official said.
The searches were conducted at the office and residential premises of Bakshi and Singh, who held high ranks in the ponzi firm that lured thousands of innocent investors on the pretext of attractive returns, the official said.
He said that Bakshi, who has been absconding, had been traced and would be arrested soon.
Asked about the company’s functioning, the official said: “Uni Pay Group is a Chandigarh-based Malaysian company which basically used to make members online, on specific amounts. It’s functioning was like a digital wallet.”