ED attaches Immovable Assets worth Rs.2.75 Cr of M/s Burdwan Sunnmarg Welfare Organization in Money Laundering Case

The Directorate of Enforcement (ED) under the Prevention of Money Laundering Act (PMLA), 2002, has provisionally attached immovable assets in the form of land valued at roughly Rs.2.75 crore belonging to M/s Burdwan Sunnmarg Welfare Organization and others. On the basis of an FIR dated 30.10.2018 and a charge sheet dated 30.12.2020 filed by the CBI in Kolkata against M/s Burdwan Sunnmarg Welfare Organization and others, the ED launched a money-laundering investigation.

Soumyarup Bhowmik is chairman of M/s Burdwan Sunnmarg Welfare Organization. Under the guise of Bond and Product Advance, M/s Burdwan Sunnmarg Welfare Organization devised a Ponzi scheme with various investment schemes. This Ponzi scam was run without the authorization or license of the regulatory authorities (SEBI/RBI, for example). M/s Burdwan Sunnmarg Welfare Organization gathered deposits from investors in numerous schemes with the goal of defrauding the public. The case’s total proceeds of crime (POC) have been estimated to be at Rs. 20 crore.

The funds fraudulently received from investors by M/s Burdwan Sunnmarg Welfare Organization were used to purchase the homes, according to an investigation by the ED.

Further investigation is under process.