Hyderabad: The Telangana High Court has allowed Enforcement Directorate officials of Hyderabad to bring Radhe Shyam, chairman and managing director of Future Maker Life Care Pvt Ltd, an accused in a money circulation fraud booked by Cyberabad police, to the ED office in the city and record his statement.
Justice Ghandikota Sri Devi was dealing with an ED petition challenging the Cyb-erabad court’s rejection of its plea to allow them to bring the accused to Hyderabad. The lower court had dismissed the ED’s plea on the ground that Radhe Shyam was not an accused in the Enforcement Case Information Report.
Justice Sri Devi directed the petitioner officials not to arrest Radhe Shyam and to send him back to the Haryana jail where he is currently lodged, after recording the statement.
FIRs were filed against the accused and the directors of the company in Telangana state, Haryana and elsewhere for cheating the common public by propagating a false theme of “a life turning opportunity to earn income Rs 20,000 to Rs 10 lakh per month,” to become members of their Ponzi pyramid scheme in the guise of direct selling multi-level marketing. It was estimated that the Ponzi scheme case involved fraud of around Rs 3,000 crore.
After that, the ED had attached assets worth Rs 261 crore including residential plots and agricultural lands belonging to Future Maker Life Care Pvt Ltd, its two directors, their family members and associates which are situated across the country.
The ED’s action under the provisions of Prevention of Money Laundering Act, 2002 (PMLA) came on the basis of first information reports (FIRs) registered by the Telangana state police against the company and its directors — Radhe Shyam and Bansilal — in March.
Radhe Shyam is still in judicial remand, as he was taken from one state to another state in connection with the case and others could get bail.
