Ponzi Scheme Took Away 50 Lakhs of Yuvraj’s Mother
Assistant director of Enforcement Directorate asked Shabnam Singh to share details of her transactions with suspect firms. Scam, with hawala aspect, pegged at Rs 700 crore in preliminary assessment.
Cricketer Yuvraj Singh’s mother is believed to be among many investors who have lost money in a large Ponzi scheme, which is being investigated by the Enforcement Directorate’s Mumbai team.
An officer told Mirror that the scheme’s managers, linked to one Sadhana Enterprises, promised 84 per cent annual returns in the multifaceted scheme that also involved bitcoins, and then diverted invested funds to shell firms and hawala networks
Yuvraj’s mother, Shabnam Singh, is said to have invested around Rs 1 crore, but recovered only half of it.
The officer pegged the size of the scam at Rs 700 crore in a preliminary assessment, which is likely to increase. The ED has registered a complaint under the Prevention of Money Laundering Act, and is scrutinising the transactions made by cheated investors.
ED assistant director Ranjan Kumar Mishra, who works from the agency’s Ballard Estate office, wrote to Shabnam Singh on August 23 asking her to provide, within seven days, details of transactions with certain firms and also describe their purpose. Her recent income tax records were also sought.
“Details of transactions made with Malto Enterprise, Unique Trading Company, Gemini Trading Company, Sadhna Enterprises, Alisha Trading Company, Prasanth Global Pvt Ltd, Shashwat Jewellery Pvt Ltd, DNB Trading, Prasanth Jeweller Pvt Ltd, and purpose of these transactions along with supporting documents (should be submitted),” the order stated.