ED summons Prakash Raj in ₹100 crore ponzi scam linked to Pranav Jewellers

Prakash Raj, the actor and brand ambassador for Pranav Jewellers, has been asked to appear before the Enforcement Directorate in Chennai for questioning in a money laundering case

Livemint
Updated23 Nov 2023
Prakash Raj has been asked to depose before the  Enforcement Directorate  in Chennai next week
Prakash Raj has been asked to depose before the Enforcement Directorate in Chennai next week

Prakash Raj, famous actor, film director and producer, has been summoned by the Enforcement Directorate (ED) for questioning in connection with a money laundering case linked to an alleged 100 crore ponzi and fraud case against Tiruchirapalli-based Pranav Jewellers, PTI reported on Thursday.

The summons followed a probe against Pranav Jewellers, a partnership firm, whom the ED had raided on November 20 under the provisions of the Prevention of Money Laundering Act (PMLA) and claimed to have seized "unexplained" cash of 23.70 lakh and some gold jewellery.

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The 58-year-old actor has been a brand ambassador for this company. He has been asked to depose before the ED in Chennai next week.

The ED has indicated that Prakash Raj's summoning is part of the broader investigation into the alleged bogus gold investment scheme floated by Pranav Jewellers, India Today reported citing sources.

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The federal agency said in a statement on Wednesday said Pranav Jewellers collected 100 crore from the public under the guise of a gold investment scheme that promised high returns. However, the company not only failed to fulfil its commitment but also didn't return the invested money to the investors, leaving them in the lurch.

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"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 statement read.

The ponzi scheme, allegedly run by the Pranav Jewellers, came under the ED's scanner based on an FIR lodged by the Economic Offences Wing (EOW) in Trichy against the group and others involved in the alleged financial wrongdoing.

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