The Directorate of Enforcement (ED), Lucknow zonal office, conducted searches on Thursday at 16 locations linked to the Kalpataru Group of Companies in Agra, Mathura, and Noida concerning a Rs 6.81 billion ponzi scheme.

During the searches, ED officials seized over Rs 10 million in unexplained cash, sale deeds and documents for 88 immovable properties, as well as digital and electronic evidence related to hundreds of properties connected to the case.

The investigation revealed that the company had launched a scheme through which approximately 1,000 individuals were defrauded with promises of high returns on investments or land/plots in exchange for their investments.

The searches targeted properties associated with Mithilesh Singh, the wife of the primary accused, the late Jai Kishan Rana, and his close associates, including chartered accountants, brokers, and agents such as Suman Prabha Sharma, Devender Garg, Harendra Tarkar, Ramveer Tarkar, Prakhar Garg, and Shivam Agrawal, among others.

The ED began its investigation following FIRs filed by the Uttar Pradesh Police against directors, promoters, agents, and managers, including Jai Kishan Singh Rana, Bheekam Singh, Bipin Kumar Yadav, and others.

The probe revealed that the company had deceived unsuspecting investors and amassed large sums of money. Numerous immovable properties acquired by the company and the accused in various locations across Uttar Pradesh were identified. A Provisional Attachment Order was issued for the Proceeds of Crime (POC) worth Rs 840 million, which was later confirmed by the Adjudicating Authority in 2023.

To date, 74 FIRs have been registered in connection with this case.