Kochi: The Enforcement Directorate (ED) said that High Rich MD V.D. Prathapan and his wife and CEO Sreena swindled Rs.1157 under the guise of crypto currency and OTT platform. The figures of E.D. Released. The ED has also launched a probe into a Canadian-incorporated company whose owners repatriated a large portion of the swindled funds abroad.
The investigation is in progress with Prathapan and Srinai, the high rich owners who escaped before the ED raid. ED’s raids were conducted at High Rich’s head office, branches in Thrissur and Ernakulam and houses of the owners.
Read More It is concluded that high rich owners cheated more than 500 crore rupees; Company focused investigation in Canada
After this, the authorities released the figures. 1138 crores was hit through HR Coin. The investigation also revealed that 482 crores of money collected by them was collected through crypto currency. More than 10 policemen and high-ranking political leaders are under investigation.
Meanwhile, the accused have applied for anticipatory bail considering the possibility of arrest. ED informed the court about the similar case against the defendants. Authorities will inform.
Apart from online marketing and money chain transactions, high rich owners have stolen crores through ED. The investigation is ongoing. Hirich Group’s HR OTT appeared last year. The owners of Highrich bought Vijesh Pillai’s action OTT, who complained that Swapna Suresh, the accused in the gold smuggling case, threatened him. The aim was to attract subscribers by releasing new films as well. It started with buying investments of five lakhs each from thousands of people.
This is followed by the entry into the arena with HR Crypto. One HR crypto is worth two dollars. 160 INR. Crores have been collected from thousands of names, classified as basic and premium. ED has received the information that the company was formed in Canada as part of hawala transactions. It has also been found that crypto transactions were done without the permission of the Reserve Bank.
Earlier, the company was also caught for GST evasion of Rs 126 crore. Prathapan and Sreena tried to hold back by arguing that it was only GST evasion, but the police report that 1630 crores was stolen from 1.63 lakh investors was crucial. The police found that around 70 paper companies were run and 14 of them were in Thrissur. The ED started the investigation on a complaint filed by Congress leader Anil Akkara.
English Summary:
Highrich Money Chain Fraud: ED Report
2024-01-26 16:58:23
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