New Delhi: In a turn of events involving actions in New Delhi recently, an Indian Foreign Service (IFS) officer named Niharika Singh and her husband, Ajit Kumar Gupta, are facing allegations of swindling investors of more than ₹110 crore through deceptive investment schemes in a span of just eight months.
The Enforcement Directorate (ED), in an announcement on Wednesday, disclosed that a chargesheet has been filed regarding the suspected money laundering case linked to investments facilitated by Niharika Singh along with her spouse and their companies. The chargesheet was filed under sections of the Prevention of Money Laundering Act (PMLA), against Niharika Singh, her spouse Ajit Kumar Gupta, and their three companies—Anny Bullions and Industries Pvt. Ltd., Anny Commodity Brokers Pvt. Ltd., and Anny Securities Pvt. Ltd.
A special court in Lucknow is handling the case that was accepted by acknowledging the prosecution’s complaint on November 25th. The ED reported that the chargesheet was submitted on September 2nd following an inquiry into investment schemes that cheated investors.
“The Deception Revealed”
According to the authorities in charge of investigating the case, the fraud scheme was centered on investment plans promoted by the suspect to attract individuals into putting their money into investments that offered lucrative returns. From February 2020 to October 2020, numerous reports came in accusing the suspect of persuading people to invest in schemes, including deposits, recurring deposits (RDs), and fixed deposit (FD) schemes promising yearly returns exceeding 40%.
Reportedly, Ajit Kumar Gupta and his companions sought investments totaling ₹110 crore within an eight-month time frame; however, the anticipated profits were not disbursed as promised and instead were allegedly misappropriated by the accused for gain purposes. It is claimed that money from investors was channeled to depositors in a manner reminiscent of a typical Ponzi scheme operation.
Numerous deceitful ploys have caused harm to numerous small investors, and a substantial amount of funds totaling at least ₹60 crore are unaccounted for as a result of these schemes harmful impact on them. This has spurred a flurry of grievances that prompted the Uttar Pradesh Police to lodge 33 FIR complaints. Subsequent inquiries have culminated in the submission of 25 chargesheets across a minimum of 12 instances linked to the entities owned by the accused individuals.
The Role of an IFS Officer
The agency alleges that a significant amount of the diverted funds went towards purchasing assets such as homes and agricultural lands that are registered under the names of Niharika Singh and her husband, among others linked to them. As of now, the ED has confiscated assets totaling more than ₹9 crore in relation to this matter.
The Way of Operating
After looking into the matter further, it was uncovered that Ajit Gupta and his group enticed investors with promises of profits through a company called Anny Bullion Trader. As the scheme started to fall, they purportedly switched to another organization, the entity known as Ivision Credit Cooperative Society Limited, to gather new investments from individuals. The money gathered through these operations was never returned, resulting in numerous investors being deceived and losing their funds.
Officials from the ED stated that Ajit Gupta and his team used the money to buy estate for their needs. The deceitful actions were disguised through money transfers and elaborate financial dealings that included shell companies linked to the Anny Group.
The ongoing legal dispute
The investigation by the ED is ongoing regarding this issue, according to a statement released by the agency: “The individual in question utilized gains to purchase real estate assets through a network of companies. Investments from stakeholders were. Diverted for personal gain while previous investors were left empty-handed.”
The court in Lucknow has acknowledged the prosecution’s case. Anticipates trials as more evidence is gathered against the defendant.
More this situation brings attention to the ways in which deceitful schemes target individuals who are particularly eager for financial advancement. With regulations and oversight in effect, incidents such as these underscore the necessity for stricter monitoring and responsibility.