Actor Prakash Raj summoned by ED in ponzi scheme probe
The Enforcement Directorate (ED) has summoned actor prakash raj for interrogation in connection with a Rs 100 crore ponzi scheme investigation. The summons followed searches at locations related to Pranav Jewellers, a partnership business situated in Tiruchirapalli, on november 20 under the terms of the Prevention of Money Laundering Act (PMLA).
The summons to prakash raj is part of a larger inquiry into Pranav Jewellers' suspected fake gold investment scheme. The 58-year-old actor has been a brand ambassador for this corporation and has been summoned to appear before the federal authorities on december 5 in Chennai. The ED-led raids resulted in the collection of several incriminating papers, undeclared cash of Rs 23.70 lakh, and 11.60 kg of gold jewellery.
The summons to prakash raj is part of a larger inquiry into Pranav Jewellers' suspected fake gold investment scheme. The 58-year-old actor has been a brand ambassador for this corporation and has been summoned to appear before the federal authorities on december 5 in Chennai. The ED-led raids resulted in the collection of several incriminating papers, undeclared cash of Rs 23.70 lakh, and 11.60 kg of gold jewellery.
The ponzi scam, purportedly conducted by Pranav Jewellers, has come under the ED's observation following the filing of a First Information Report (FIR) in Tiruchirapalli by the Economic Offences Wing (EOW) against Pranav Jewellers and others engaged in the alleged financial misconduct. According to the EOW, Pranav Jewellers stole Rs 100 crore from the public under the guise of a gold investment plan promising rich profits. However, the corporation reportedly did not follow through on its pledge, keeping investors in the dark.