The Enforcement Directorate has attached assets to the tune of ₹33.66 crore pertaining to Birla Emporium Private Limited, Ira Finance Private Limited, its director and others. The accused cheated about 5,000 investors to the tune of ₹250 crore.
The total attachment in the case so far stands at about ₹61.68 crore.
The ED probe is based on a First Information Report registered by the police in Manipur, against Yumnam Irabanta Singh, director of Birla Emporium and Ira Finance. It is alleged that from 2019 to 2021, he was operating a fraudulent investment/deposit scheme that promised investors high returns, but finally he and his associates siphoned off the funds of many individual depositors.
“Investigation revealed that Yumnam Irabanta Singh and his entities were operating an unauthorised deposit scheme by collecting huge amounts of money from the public with a promise of exorbitant returns.He along with his associates has cheated 5,000 investors [approximately] of Manipur...,” said the agency.
Birla Emporium and Ira Finance have given loans to public/borrower against the security of their properties, which were transferred and registered in the name of directors and staff of Birla Emporium by executing sale deed, the ED said.
