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Kerala Kaumudi Online
Saturday, 20 April 2024 10.23 AM IST

Highrich money chain fraud; Owner K D Prathapan appears before ED

highrich

KOCHI: One of the accused in the money chain fraud case, Highrich company owner KD Prathapan appeared at the Enforcement Directorate (ED) office. Another accused, his wife Sreena was not present. Earlier, ED had sent two notices but both were absent. As part of the investigation in the fraud case, both of them went into hiding after learning that the ED was going to raid the residence of the accused in Thrissur. After that, ED issued a lookout notice.

Meanwhile, the couple approached the court for anticipatory bail but the court asked them to appear before the investigating officers. Then they informed the court that they will appear at ED office on 19th.

ED has found that the owners of Highrich company have seized Rs 1157 crore through money chain fraud. According to the figures released by the ED, a coin called HR Coin was released and through this, Rs 1138 crore was collected from investors. ED also stated that Highrich conducted the biggest black money transaction in recent times. ED informed about this after conducting a raid at the house of Highrich owners.

1157 crore rupees were stolen through five companies. They have done crores of black money transactions through crypto currency. 212 crores were in 50 bank accounts in the name of five companies. It has been frozen by ED. It is also suspected that the collected money was smuggled abroad. Prathapan and his wife Sreena used to deal with investors through Highrich coupons.

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TAGS: CRIME, ED, HIGHRICH, MONEY CHAIN, FRAUD, PRATHAPAN
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