The actor and brand ambassador for Pranav Jewellers, Prakash Raj now has been asked to appear before the Enforcement Directorate in Chennai for questioning in the money laundering case. He has been alleged to be connected to the Rs 100 crore Ponzi scam case against a Tamil Nadu-based jewellery group.
The Ponzi scheme is run by the Pranav Jewellers. It has come under the ED’s scanner based on an FIR lodged by the Economic Offences Wing (EOW) in Trichy against the group and others involved in the alleged financial wrongdoing. The move comes after the ED conducted searches on November 20 under the provision of the Prevention of Money Laundering Act (PMLA).
The actor, Prakash Raj has been a brand ambassador of Tiruchirapalli-based Pranav Jewellers. Recently this brand has been accused of running a Ponzi scheme and duping investors of Rs 100 crore. The ED had raided several branches of the group on November 20. It is reported that they have seized the “unexplainable” cash of Rs 23.70 lakh and some gold jewellery too.
According to the ED, the investigation revealed that Pranav Jewellers and other connected persons cheated the public. They cheated by diverting public funds to shell entities and entry providers under the garb of purchase of bullion and gold ornaments.
The federal agency said in a statement that Pranav Jewellers collected an amount of ₹ 100 crore from the public under the promise of a gold investment scheme with high returns. However, the company not only failed to fulfil the commitment but didn’t even bother to return the invested money to the investors. This left them in the lurch.
“Searches also revealed that the supplier parties in the books of M/s Pranav Jewellers were entry providers, who during the investigation confessed to having provided adjustment/ accommodation entries to M/s Pranav Jewellers for amounts over Rs 100 crores; and also confessed to having given cash to the accused persons instead of bank payments,” the agency said in a statement.
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