3k crore Ponzi scheme: CA surrenders in PMLA court

Chandigarh, Mar 31, 2024

After dodging the enforcement directorate for long, chartered accountant Rajesh Jain, one of the key accused in Rs 3,000 crore Ponzi scheme case, surrendered on Saturday in Panchkula before Haryana’s special court for money laundering cases. One of the directors of Hisar’s Future Makers Life Care, Jain will be in judicial custody till April 5, while the ED must file a reply on the bail application that he filed when he surrendered before special PMLA (Prevention of Money Laundering Act) judge Rajeev Goyal. His company is charged with defrauding thousands of investors. This was his third application for regular bail.

The Punjab and Haryana high court has twice denied him this concession, the last in January when it told him to surrender and join the investigation. Last year, the ED had filed a charge sheet against him, and in November, he had moved the special PMLA court for pre-arrest bail and claimed that the agency had never arrested him even though he had joined the investigation. However, the ED challenged the bail on the grounds that he was non-cooperative.

The Ponzi scheme case has 23 accused, including Jain. In 2022, the Chandigarh cops had arrested him for defrauding some residents in bitcoin trade, but he managed to secure bail and evade arrest, even though the ED had also booked him.

[The Times of India]