Published On: Thu, Nov 23rd, 2023

ED summon to actor Prakash Raj in ponzi scheme case

New Delhi: Actor Prakash Raj has been summoned by the Enforcement Directorate (ED) for questioning in connection with an alleged ponzi scheme case to the tune of Rs 100 crore.

ED-led raids led to the recovery of various incriminating documents

The summons followed the probe agency’s searches at properties linked to a partnership firm based out of Tiruchirapalli, Pranav Jewellers, on November 20 under the provisions of the Prevention of Money Laundering Act (PMLA).

Sources within the ED said that Prakash Raj’s summoning is part of the broader investigation into the alleged bogus gold investment scheme coined by Pranav Jewellers. The 58-year-old actor has been a brand ambassador of this company and has been asked to depose before the federal agency in Chennai on December 5.

The ED-led raids led to the recovery of various incriminating documents, unaccounted cash worth Rs 23.70 lakh along with gold jewellery weighing 11.60 kg.

The ponzi scheme, allegedly run by the entity Pranav Jewellers, has come under the ED’s scrutiny based on a First Information Report (FIR) lodged by the Economic Offences Wing (EOW) in Trichy against Pranav Jewellers and others involved in the alleged financial wrongdoing.

As per the EOW, Pranav Jewellers collected a staggering Rs 100 crore from the public on the pretext of a gold investment scheme, promising lucrative returns. However, the company allegedly failed to fulfil its commitment, leaving investors in the lurch.

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