Guwahati: The Enforcement Directorate (ED) has filed a supplementary prosecution complaint (SPC) against Manipur-based firm Birla Emporium, its director Yumnam Irabanta Singh, and several others for allegedly deceiving around 5,000 investors, according to officials on Wednesday.
This action follows multiple criminal cases initiated by the Manipur CID (Crime Branch) against Singh, who also led another firm, Ira Finance.
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Investigators found that between 2019 and 2021, Singh ran a fraudulent deposit scheme, enticing the public with the promise of high returns. Instead of investing the money, he reportedly diverted over Rs 250 crore for personal use.
The ED reported that Birla Emporium and Ira Finance ran unauthorized investment schemes and extended “Loan Against Property” offers.
However, they allegedly transferred properties pledged by borrowers into the names of company employees and directors through sale deeds, stripping the original owners of their assets.
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The scheme collapsed in early 2020 when the company abruptly shut down and failed to return investors’ funds.
Authorities claim Singh and his associates used the proceeds of the fraud to acquire at least 85 immovable properties and various other assets.
The ED has provisionally attached assets worth Rs 28.02 crore, both movable and immovable.
On June 6, the agency submitted a prosecution complaint before a special PMLA court, seeking to confiscate these properties.