The Enforcement Directorate (ED) has filed a chargesheet in a money-laundering case against a Jaipur-based private limited company that operated a fraudulent "earn while you learn" scheme.
The chargesheet, filed under the Prevention of Money-Laundering Act (PMLA), names Preeya Home Study Private Limited (PHSPL) along with its current and former directors: Mahesh Kumar, Satya Prakash, and Sombir Poonia.
The ED, which investigates financial crimes, initiated its investigation following 59 FIRs registered by the Rajasthan and Haryana Police. The company is accused of cheating the public of crores of rupees by masquerading as a provider of online computer education courses and multi-level marketing (MLM) schemes.
Under the banner of "Earn While You Learn," the company allegedly used aggressive advertisements, seminars, and lucrative income claims to persuade individuals to deposit membership fees ranging from Rs 5,800 to Rs 11,800.
However, the ED's probe revealed that while the company was registered in 2002 as an educational firm, it functioned as a front for an illegal money circulation scheme. The educational content was merely a lure to trap investors.
A scrutiny of bank accounts, statements, and documents revealed that money was collected from lakhs of people. Around Rs 70 crore was allegedly dishonestly retained and laundered by the accused.
The investigation further found that the funds were invested in purchasing land and properties across different states, in the names of the company and family members of the directors.
To date, the ED has attached properties worth Rs 3.06 crore in the case.
