Kerala: ED seizes Rs 212 cr property of 'High Rich' company in investment fraud case
By Rashmi Kuttan | First Published Jan 25, 2024, 4:02 PM ISTThe investigations revealed that the company had evaded taxes amounting to Rs 126.54 crore by concealing a turnover of Rs 703 crore. The directors were subsequently summoned as part of the ongoing inquiry.
Thrissur: The Enforcement Directorate (ED) has found assets belonging to the owners of the 'High Rich' company, implicated in an investment fraud case. The ED has successfully recovered assets totaling Rs 212 crores. The ED's case against the High Rich owners involves allegations of engaging in black money transactions exceeding Rs 100 crores. Two individuals, including the company's owner Prathapan, have been accused in the case, with investigations revealing that the black money transactions were conducted through financial transactions resembling a money chain. The ED conducted a raid on the institution recently as part of its ongoing investigation.
On November 24, the Kasaragod GST Intelligence unit conducted a raid at the office of High Rich Online Shopee in Arattupuzha. The investigations revealed that the company had evaded taxes amounting to Rs 126.54 crore by concealing a turnover of Rs 703 crore. The directors were subsequently summoned as part of the ongoing inquiry. Pratapan, the director, was arrested following the finding of massive GST evasion on December 1.
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After the raid, the accused attempted to avoid arrest by making payments of Rs 1.50 crore on November 24 and Rs 50 crore on November 27. However, these efforts proved unsuccessful, and the individual was apprehended. High Rich Shoppe operates as an e-commerce platform with a multi-level marketing model, and its transactions are primarily concentrated in other states. The GST department has taken steps to freeze the bank accounts associated with both the company and the accused. The court in Kochi is set to review the anticipatory bail application filed by the accused in the Highrich investment fraud case on January 30.
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