Jaipur (Rajasthan) [India], January 24 : The Jaipur Zonal Office of the Directorate of Enforcement (ED) has provisionally attached 37 immovable properties and one movable asset worth a total of Rs 15.97 crore in connection with the Apexa Group fraud case.
The action was taken on January 21 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, according to an official press release.
The attached immovable properties comprise agricultural and residential land located in Bundi, Baran and Kota districts of Rajasthan. These assets are linked to Murli Manohar Namdev, Durga Shankar Merotha, Anil Kumar, Giriraj Nayak, Shobha Rani and others. In addition, the ED has attached one bank account belonging to the Apexa Group, containing funds to the extent of Rs 1.50 crore.
https://x.com/dir_ed/status/2014688443218199030
As per the release, the money laundering probe was initiated following the registration of multiple FIRs by the Rajasthan Police against Murli Manohar Namdev and several other individuals. As per the allegations, the Apexa Group fraudulently collected Rs 194.76 crore from a large number of investors over several years by luring them with promises of unusually high returns.
The ED's investigation revealed that Murli Manohar Namdev, in alleged collusion with his associates, deliberately devised fraudulent investment schemes under the banner of the Apexa Group with criminal and malafide intent. These schemes promised exceptionally high returns without any credible financial basis or legitimate business model to support such claims. Investigators found that there was no practical mechanism in place to generate the promised profits within the stipulated timeframes.
Between 2012 and 2020, the accused allegedly continued to attract investments by paying nominal returns to earlier investors. These payments were reportedly made either by routing funds collected from new investors or by persuading existing investors to reinvest the returns they had received, thereby creating a false impression of profitable and sustainable operations. Officials noted that sustaining such high returns was inherently impossible, rendering the schemes fundamentally unsustainable from the outset, the release said.
The situation worsened during the COVID-19 pandemic when a large number of investors demanded repayment of their principal amounts along with the promised returns. At that stage, the Apexa Group, led by Murli Manohar Namdev and his associates, allegedly failed to honour these commitments, leading to the collapse of the schemes and substantial losses for investors.
According to the ED, the funds raised from investors were largely diverted towards the purchase of immovable properties and the establishment of new business ventures. These transactions were aimed at fulfilling the personal financial ambitions of the accused and their associates, rather than generating legitimate returns for investors.
Further investigation into the case is currently underway.