ED has seized 3 Android applications which were duping people of money in the name of investment. The Enforcement Directorate has registered a case against Vaibhav Deepak Shah, Sagar Diamonds, RHC Global Exports and their associates under provisions of the Prevention of Money Laundering Act (PMLA), 2002 and seized assets totaling Rs 59.44 crore in the alleged Power Bank app fraud case. It is attached. ED has taken this action on the basis of FIR lodged by Uttarakhand Police, Special Cell Delhi Police and Karnataka Police.
Money was being cheated in the name of these 3 apps
ED said that some Chinese people were fooling the countrymen along with the Indian people. For this, they created several fake companies in India with the help of chartered accountants and secretaries of some companies and launched three software applications on Google Play Store to lure the public for higher returns on their investments –Power Bank App, Tesla Power Bank Created the app, EZPlan. People were asked to invest money through these apps. As soon as people used to transfer money in the amount app, these thugs used to seize that account and take all the money in their possession.
150 crore scam
The Cyber Cell of Delhi Police had arrested several people in June 2021 for allegedly committing a fraud of Rs 150 crore by using fake apps on the Play Store. According to TOI report, these applications used to seize the accounts of unknown customers after taking money from them. While taking action in this case, ED conducted raids at many places and revealed that the accused and institutions related to this case had sent huge amount of money abroad on the pretext of fake imports. ED had recovered assets worth Rs 10.34 crore in this case. Besides, bank accounts with total balance of Rs 14.81 crore were also seized.
At present, a case is going on in this case against 3 people in the Special Court, PMLA, New Delhi. Note, never invest in such trading apps which promise to give you high returns in less time. Always download apps from trusted places and collect complete information before investing money anywhere.