New Delhi [India], March 21 : The Enforcement Directorate (ED) on Tuesday provisionally attached immovable and movable properties worth Rs 63.18 cr belonging to Sanasam Jacky Singh, Chairman cum Managing Director of Lamjingba Group of Companies, and his associates in connection to a money laundering investigation conducted under PMLA 2002.
This case relates to the operation of a massive Ponzi scheme in the State of Manipur.
The investigation, in this case, was initiated by ED on the basis of the seven related FIRs against Sanasam Jacky Singh, M. Robindro Singh and other officials of Lamjingba Group of Companies by Manipur Police, indicating the operation of a fraudulent and unauthorized "investment/deposit scheme" during the period from 2017 to 2021 that promised investors very high returns and cheated more than 15000 gullible investors to the tune of Rs 600 Crore (approx.).
PMLA investigation revealed that Lamjingba Group of Companies under the Chairmanship of Sanasam Jacky Singh in connivance with other persons/associates was operating a "large scale Ponzi scheme" by illegally collecting huge amounts of deposit money from individual investors during the period from 2017-2021 with a promise of exorbitant returns.
The group was functioning like a Bank or NBFC without any valid registration and license. The illegally collected funds, mostly in cash were acquired, transferred and placed in various bank accounts of the Lamjingba group companies and in the personal accounts of Sanasam Jacky Singh and his associates. These funds were subsequently invested and utilized for the acquisition of several properties in an illegal manner and these properties were projected acquired out of proceeds of crime as "untainted assets".
In this connection, twenty immovable properties worth Rs 61. 85 cr of book value and two bank accounts having a balance of Rs 1. 33 cr have been provisionally attached by ED on 17 March 2023. Earlier, prime accused Sanasam Jacky Singh was arrested and presently, he is in Judicial Custody.