Kerala: ED issues lookout notice to nab accused in High Rich scam
The ED has given an affidavit to the court stating that the accused in the High Rich scam should not be granted anticipatory bail and that the accused had committed a fraud of Rs 2300 crore. The ED also produced the details of the 19 cases registered against the accused in various districts.
FollowThrissur: The Enforcement Directorate has intensified its investigation to nab the main accused who are absconding in the High Rich financial fraud case in Thrissur. The ED has issued a lookout notice to arrest the accused KD Prathapan and his wife Sreena. Both of them were absconding after being accused in the case. Meanwhile, the court will consider the anticipatory bail plea of both on Friday. The ED is making vigorous efforts to nab both of them before considering the anticipatory bail application.
The ED has given an affidavit to the court stating that the accused should not be granted anticipatory bail and that the accused had committed a fraud of Rs 2300 crore. The ED also produced the details of the 19 cases registered against the accused in various districts. The ED found that the accused had committed various financial crimes worth Rs 850 crore to invest in cryptocurrency. Earlier, the ED had confiscated the assets worth Rs 212 crore of the owners. Meanwhile, Congress leader Anil Akkara came forward and criticized the fact that even after three months of the revelation of the biggest fraud the state has witnessed, the accused were not arrested.
Kerala: Director of High Rich Shoppe remanded for tax fraud worth Rs 126 crore
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 crore. The ED's case against the High Rich owners involves allegations of engaging in black money transactions exceeding Rs 100 crore on January 25.
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. Prathapan, the director, was arrested following the finding of massive GST evasion on December 1. 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.
The investigation agencies have concluded that the accused started a financial fraud scheme by cheating over Rs 2,000 crore from 1.83 crore people. The scheme began with a company called High Rich Online Shoppe Pvt, where people were promised money if they bought a Rs 10,000 voucher and joined the scheme. However, it was discovered that High Rich also cheated people by getting involved in cryptocurrency without permission, generating one crore worth of crypto coins for two dollars each. They promised to double this value, similar to Bitcoin. A bond of Rs. 5 lakh has been issued for this purpose without RBI approval.
