Home Movie News ED summoned Prakash Raj in connection to a 100Cr scam

ED summoned Prakash Raj in connection to a 100Cr scam

ED summoned Prakash Raj in connection to a 100Cr scam

ED summoned Prakash Raj in connection to a 100Cr scam. Renowned Actor Prakash Raj has been summoned by the Enforcement Directorate (ED) to be questioned about an allegation of a 100-crore Ponzi scheme connected to a jeweler. Mr. Raj was responsible for promoting the Pranav Jewellers brand, allegedly running a scam. 

Several branches of the Trichy-based jewelry chain, including Chennai, were raided by the ED for allegedly running a Ponzi scheme and defrauding investors of 100 crore. In this regard, ED summoned Prakash Raj in connection to a 100Cr scam.

The actor, who had been the jeweler’s brand ambassador for a considerable time, has yet to make a statement.

The Economic Offences Wing in Tamil Nadu’s Trichy filed a case against Madhan, the owner of Pranav Jewellers after complaints were made about their closures in October. Lookout notices had also been issued against the owner and his wife earlier this month.

Yesterday, the ED announced that Pranav Jewellers had collected 100 crore as part of a gold investment scheme that promised high returns. The ED stated that not only did the returns not materialize, but the amount invested was not returned to the investors.

“Pranav Jewellers failed to return the amount to such investors, and the firm (Pranav Jewellers) and other connected persons cheated the public by diverting public funds to shell entities/entry providers under the garb of purchase of bullion/gold ornaments,” the ED said in the statement.

The supplier parties in the books of Pranav Jewellers were entry providers, who, during the investigation, “confessed” to providing adjustment and bogus accommodation entries to Pranav Jewellers for an amount of over ₹ 100 crore and also “confessed” to giving cash to the accused persons instead of bank payments, the ED alleged.

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