Ranchi: In a Rs 307 Crore Multi-State MLM Fraud, ED Arrests Maxizone’s Director and Wife

Ranchi: In relation to a significant multi-level marketing (MLM) scam, Chandra Bhushan Singh, Director of Maxizone Touch Private Limited, and his spouse, Priyanka Singh, have been taken into custody by the Enforcement Directorate (ED). Under the guise of investment programs, the couple is accused of defrauding the public of almost Rs 307 crore in many states. The ED has obtained a five-day remand to examine the defendants after their appearance in court.

Modus Operandi and Financial Fraud: According to ED investigations, the defendants conducted a fraudulent multilevel marketing business that employed enticing referral rewards and substantial monthly returns to entice the general public. Over Rs 307 crore was raised via this method and sent to 21 distinct bank accounts.

Money Laundering: According to the inquiry, the accused turned deposits into cash in order to launder the illegal monies. In order to conceal the money trail, they also used proxy transactions to purchase a number of real estate holdings.

Strategies for Evasion
For the previous three years, the pair had been purposefully avoiding law enforcement, avoiding the ED and police officers from Jharkhand, Rajasthan, and Assam. In order to hide their identities and stay out of trouble, they:

used fictitious aliases, including “Deepak Singh.”
produced identification papers that were fabricated.
To get ahead of police authorities, they often relocated.

Investigation and Seizures’ Scope
Based on many FIRs filed against the couple for fraud and deceit in five states—Jharkhand, Bihar, Uttar Pradesh, Rajasthan, and Karnataka—the ED began its probe.

The ED carried out search operations on September 16 and December 3 of this year in conjunction with the investigation. Delhi, Noida, Ghaziabad, Vaishali (Bihar), Meerut, Ranchi, and Dehradun were among the places raided. Important damning evidence was found during these activities, including:

Cash and Assets: More than Rs 10 lakh in cash and $15,000 USD in cryptocurrencies.

papers: Numerous papers from different organizations, including checkbooks, phony identification cards, and real estate property paperwork.

Records: Diaries and handwritten notes describing important monetary and financial transactions, along with information about acquaintances.

Digital Evidence: Laptops and cell phones were found and taken into custody.