Power Bank App: In connection with the allegedly fraudulent Power Bank App case, the Directorate of Enforcement (ED) has attached the movable and immovable assets worth Rs 59.44 crore of Vaibhav Dipak Shah, Sagar Diamonds, RHC Global Exports, and their associates.
What is the Power Bank App Fraud Case?
The ED took serious note and launched its investigation simultaneously after the case was initially reported to the Special Cell of the Delhi Police.
Through the use of this app, which was run by Chinese nationals with the help of their Indian partners Vaibhav Dipak Shah and Sagar Diamond Ltd, thousands of regular people have been defrauded.
What’s new in the case?
According to the ED investigation, a small group of Chinese nationals formed several shell firms in India with the assistance of chartered accountants, company secretaries, and other Indian professionals in order to defraud the Indian public as part of a bigger conspiracy.
The ED launched an inquiry based on a number of FIRs filed by the Uttrakhand Police, Special Cell Delhi Police, and Karnataka State Police under various sections of the Indian Penal Code (IPC) and the Information Technology Act.
In a previous investigation into this matter, the ED had undertaken searches, and it had come to light that the people and organisations involved had taken large sums of money home under the guise of fake imports. Currency and precious objects worth Rs 10.34 crore were recovered during the search, and bank accounts with balances of Rs 14.81 crore were frozen.
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