ED Files Chargesheet Against IFS Officer Neeharika Singh and Husband in Money Laundering Case
A special court in Lucknow has taken cognizance of the chargesheet, marking a significant development in the high-profile case.
New Delhi: The Enforcement Directorate (ED) has filed a chargesheet in an alleged investment fraud and money laundering case involving Indian Foreign Service (IFS) officer Neeharika Singh, her husband Ajit Kumar Gupta, and their companies.
A special court in Lucknow has taken cognizance of the chargesheet, marking a significant development in the high-profile case.
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Details of the Case
The chargesheet, filed under various sections of the Prevention of Money Laundering Act (PMLA), names Neeharika Singh, Ajit Kumar Gupta, and three of his companies:
- Anee Bullion and Industries Pvt. Ltd.
- Anee Commodity Brokers Pvt. Ltd.
- Anee Securities Pvt. Ltd.
According to the ED, the case stems from an alleged investment fraud involving a staggering ₹110 crore, targeting unsuspecting investors through fraudulent schemes promising high returns.
How the Fraud Unfolded
The ED investigation revealed that between February 21, 2020, and October 26, 2020, Gupta and his associates floated numerous fraudulent schemes, including:
- Daily Deposit Schemes
- Monthly Recurring Deposit Schemes
- Fixed Schemes with Promised Returns of 40% per Annum
Gupta allegedly used his proprietorship concern, Anee Bullion Trader, to attract investments. Despite the lucrative promises, these schemes failed to deliver returns, leaving investors defrauded.
Role of Eye Vision Credit Co-operative Society Ltd.
The probe further uncovered that Gupta used accounts associated with Eye Vision Credit Co-operative Society Ltd. to collect funds. Through this channel, new return-linked investment schemes were introduced, but investors reportedly never received their promised returns.
The fraudulent schemes are estimated to have cheated innocent individuals of at least ₹60 crore.
Proceeds of Crime and Asset Acquisition
The ED’s investigation has uncovered significant layering of the illicit proceeds. Funds were diverted through various companies under the Anee Group and were used to purchase assets, including:
- Residential properties
- Agricultural land
These properties were acquired in the names of Ajit Kumar Gupta, Neeharika Singh, and others. To date, the ED has attached assets worth over ₹9 crore in connection with this case.
ED’s Investigation and Prosecution
The ED initiated its probe in 2019 after taking cognizance of 33 FIRs filed by the Uttar Pradesh Police against Gupta and other individuals/entities for cheating and fraud. Police investigations have resulted in 25 chargesheets across 12 cases.
IFS officer Neeharika Singh, who was reportedly posted with the Ministry of External Affairs (MEA) in Delhi at the time, has been questioned by the ED. The chargesheet, filed on September 2, 2024, underscores her alleged involvement in the fraudulent activities through her connection with the illicitly acquired assets.
Legal Implications
The ED’s chargesheet accuses the couple and their companies of money laundering and defrauding investors, marking a major crackdown on financial crimes. With the special court in Lucknow taking cognizance of the chargesheet, the case is expected to progress to trial, setting the stage for potential legal ramifications for the accused.
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Impact on Public Trust
This case highlights the risks posed by fraudulent investment schemes and the vulnerability of investors to such scams. Authorities have reiterated the importance of verifying investment opportunities and avoiding offers that promise unrealistically high returns.
Key Takeaways
- ₹110 crore investment fraud exposed.
- ₹60 crore siphoned through fraudulent schemes.
- Assets worth ₹9 crore attached by the ED.
- Multiple companies under scrutiny for money laundering.
What’s Next?
With the chargesheet now in court, further legal proceedings will determine the accountability of the accused. The ED’s crackdown is part of its broader effort to curb financial fraud and ensure justice for the victims.
This case serves as a stark reminder of the need for robust regulatory oversight and public vigilance to prevent similar scams in the future.
For more updates on high-profile financial cases, stay tuned.
