The Enforcement Directorate (ED) has swung into action a day after registering a money laundering case in connection with a massive Ponzi scheme fraud allegedly masterminded by Delhi resident Ravindra Nath Soni. Officials confirmed the agency is now preparing to issue summons and conduct searches at the residences and premises of all individuals named in the case.
Scale of the Fraud and Key Accused
Ravindra Nath Soni stands accused of cheating more than 1,000 investors of a staggering sum exceeding Rs 970 crore. The fraudulent investment scheme had an international footprint, operating in at least 12 countries. The ED's Enforcement Case Information Report (ECIR) under the Prevention of Money Laundering Act (PMLA) was filed based on 14 separate FIRs already lodged by the Kanpur police against Soni and his network of associates.
Those named in the ED's case include Lalit Sareen from Ghaziabad and Md Fazlul Qadir from Siddharthnagar. The list also features Vibhash Trivedi, Suraj Amarlal, Gurneet Kaur, Shashwat Singh, Hitesh Balva, Darvesh Md Kaisi, Mohit Mithani, Parikh Mahavir Tyagi, Abhishek Singhal, Khalid, and Kiran Mogar. The agency is currently scanning their bank accounts and properties as part of the investigation.
Investigation and International Ramifications
According to ED officials, the accused played distinct roles in the diversion, layering, and final laundering of the proceeds of crime generated through the bogus investment scheme. Following the ECIR registration, the agency is set to begin issuing formal summons and carrying out searches and seizures to trace assets acquired using the illicit funds.
This federal action follows extensive groundwork by a Special Investigation Team (SIT) of the Kanpur Police, led by Additional DCP (Crime) Anjali Vishwakarma. Senior police officials revealed that the SIT shared voluminous evidence with the ED, including detailed bank records, transaction trails, and documents that point to the use of shell entities and overseas accounts to hide the money.
Investigators have described the operation as a well-organised fraud with serious international ramifications. The Ponzi scheme managed to lure investors not only across India but also in countries such as the UAE, the United States, and Japan. This cross-border reach has prompted coordinated efforts between central and state investigative agencies.
Next Steps and Asset Tracing
The immediate next step for the Enforcement Directorate involves issuing summons to the accused for questioning and executing search operations at their linked premises. The primary focus will be on identifying, tracing, and seizing assets and properties believed to have been bought with the laundered money. The agency will meticulously follow the money trail established by the Kanpur SIT's findings to dismantle the financial network built around the scam.
This case highlights the continuing threat posed by sophisticated financial frauds that exploit investor trust across borders. The collaboration between the Kanpur Police SIT and the ED underscores a multi-agency approach to tackle such high-stakes economic offences.
