ED Cracks Down on Power Bank App Fraud: Assets Frozen and Arrests Made.
07 August 2024
The Directorate of Enforcement (ED) conducted searches in Delhi-NCR, Mumbai, Ahmedabad, and Junagarh related to the Power Bank App fraud. Targets included several companies and their directors. The operation led to freezing Rs. 8.50 crore in bank accounts, seizing Rs. 12.5 lakh in cash, and confiscating incriminating documents and digital devices.
The investigation, based on FIRs from various police departments, uncovered a scheme involving Chinese nationals and Indian professionals who created fake companies and apps to defraud Indian investors. Earlier actions resulted in the seizure of Rs. 10.34 crore in valuables and the freezing of Rs. 14.81 crore in bank accounts. Provisional attachment orders for Rs. 64.36 crore in assets were issued, and three people were arrested. A Prosecution Complaint filed on April 25, 2023, is currently under trial.