May 26, 2022


Tribune News Service

Ramkrishan Upadhyay

Chandigarh, March 17

Special Judge, PMLA Court, Chandigarh, Jagjit Singh, has framed charges against 10 accused in the alleged ponzi scam of over Rs600 crore registered in 2012 by the Chandigarh Police.

The charges have been framed for having committed the offence under Section 3 punishable under Section 4 of the Prevention of Money Laundering Act.

The accused include Kamal K Bakshi, Paras Nath Singh, Pankaj Singh, Rakesh Singh, Rita Singh, Arvind Singh and Yogendra Pratap Singh. Charges have also been framed against Gurnam Singh, former Deputy Director of the Enforcement Department. The Enforcement Directorate (ED) filed the chargesheet against the accused in 2017 against the directors of Unipay 2U Marketing Pvt Ltd and Uni gateway 2U Trading Pvt Ltd, both started by Malaysian nationals in India.

According to the chargesheet, a large number of investors were systematically lured and cheated of more than Rs600 crore by floating the pyramid scheme assuring high returns. More than 100 persons have been named as witnesses in this case.

The ED alleged that to win the confidence of early investors,the firms paid exorbitant returns. When thousands of people across the country invested crores in the ponzi schemes, the firms stopped payment or the monthly returns from October 2010 and gradually siphoned off crores paid by investors. The complainants alleged that they…

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