New Delhi [India], December 4 : The Enforcement Directorate (ED) on Thursday launched search operations at around 20 locations across three cities in Uttar Pradesh in connection with the Maxizone Ponzi scheme case, in which promoters allegedly cheated investors of more than Rs 300 crore by promising exorbitant returns, said the officials.
The raids are being conducted in Ghaziabad, Noida and Meerut in Uttar Pradesh from early Thursday morning based on certain inputs about the suspects and accused persons linked to the case.
Officials said the agency's Ranchi zonal office is leading the searches in coordination with the Uttar Pradesh Police. The raids are aimed at gathering digital evidence, financial records and possible links to money laundering activities.
Multiple teams conducted simultaneous searches at residential and commercial premises linked to the accused, senior officials, employees and other suspected associates.
According to ED investigators, the probe revealed that the promoters of Maxizone lured thousands of investors by offering unrealistic profit guarantees, allegedly using forged documents and manipulated financial projections to build trust. "Once substantial amounts were collected, the accused reportedly siphoned off the funds and went absconding."
The agency suspects that a significant portion of the money was diverted through shell companies and layered through bank accounts to conceal its origin.
Both promoters are currently in judicial custody in connection with the predicate offence registered earlier by the police. ED officials are also examining whether the collected funds were invested in immovable assets, luxury vehicles, or offshore holdings.
The agency is expected to record statements from several individuals linked to the company's financial operations as part of its investigation under the Prevention of Money Laundering Act (PMLA).
The searches are ongoing, and officials said further arrests, asset attachment and recovery actions may follow based on the evidence collected. Officials added that the findings from today's operations will play a key role in establishing the full scale of the alleged fraud and the money trail.