Ranchi/New Delhi: The Enforcement Directorate (ED) has arrested Chandar Bhushan Singh and his wife Priyanka Singh, directors of Maxizon Touch Private Limited, in connection with a massive ₹307 crore multi-level marketing (MLM) scam. The couple allegedly duped the public by promising high monthly returns and lucrative referral incentives, collecting funds illegally through at least 21 bank accounts.
How the Fraud Operated
Investigations under the Prevention of Money Laundering Act (PMLA), 2002, revealed that the accused ran a fraudulent MLM scheme targeting ordinary citizens. They lured investors with the promise of high returns, amassing over ₹307 crore in unauthorized deposits. The money was then converted into illegal gains through complex transactions and shell accounts.
On the Run for Three Years
Further investigations revealed that Chandar Bhushan Singh and Priyanka Singh fled with the public’s money and had been evading law enforcement agencies in Jharkhand, Rajasthan, Assam, and other states for the past three years.
Converting Fraudulent Gains into Real Estate
The accused allegedly attempted to legitimize their illegal wealth by investing in multiple real estate properties through benami transactions and converting deposits into cash. They used fake identities, forged documents, and frequently changed locations to avoid arrest, operating under aliases such as “Deepak Singh.”
ED Investigation Uncovers the Deception
The ED initiated its probe based on multiple First Information Reports (FIRs) lodged by police in Jharkhand, Bihar, Uttar Pradesh, Rajasthan, and Karnataka. Earlier searches were conducted on 16 September and 3 December across Delhi, Noida, Ghaziabad, Vaishali (Bihar), Meerut, Ranchi, and Dehradun under Section 17 of the PMLA, 2002.
Items Seized During the Raid
During the raids, authorities recovered and seized:
- Fake identity documents
- Handwritten notes and diaries detailing cash and financial transactions
- Over ₹10 lakh in cash
- Details of accomplices and partners
- Cheque books of various institutions
- Laptops, mobile phones, and digital evidence
- USDT cryptocurrency worth 15,000
- Numerous documents and agreements related to real estate properties
Chandar Bhushan Singh has been sent to five days of ED custody by the Special Court, Ranchi under PMLA provisions. The investigation continues as authorities work to trace the entire network and recover public funds.
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