Jaipur — India’s financial crime agency has provisionally attached assets worth ₹15.97 crore in connection with what it describes as a long-running investment fraud operated under the banner of the Apexa Group, marking a significant step in an investigation that spans nearly a decade and thousands of investors.
In an order issued this week, the Enforcement Directorate said its Jaipur zonal office had attached 37 immovable properties and one movable asset under the provisions of the Prevention of Money Laundering Act. The action follows multiple police complaints and a financial trail that investigators say shows investor funds being diverted into land purchases and private business ventures rather than income-generating activities.
Certified Cyber Crime Investigator Course Launched by Centre for Police Technology
A Scheme Built on Assured Returns
According to the agency’s statement, the Apexa Group promoted a range of investment schemes that promised “exceptionally high returns” over short periods, with little or no credible explanation of how such profits would be generated. The schemes, investigators allege, had no legitimate financial backing or viable business model to sustain the payouts that were advertised.
Between 2012 and 2020, the group continued to attract money by paying nominal returns to some investors. These payments, the agency said, were often funded by money collected from newer investors or by persuading existing participants to reinvest their purported gains. The practice, investigators contend, created the appearance of profitable operations while masking the absence of real earnings.
The Pandemic and the Point of Collapse
The fragile structure came under strain during the Covid-19 pandemic, when a growing number of investors sought repayment of their principal along with the assured returns. At that stage, the Apexa Group, led by Murli Manohar Namdev and his associates, failed to meet the demands, according to the enforcement agency.
The inability to repay triggered what investigators describe as the collapse of the schemes, leaving investors with substantial losses. Officials said the design of the schemes made them inherently unsustainable and vulnerable to failure once inflows slowed or redemption requests increased.
Assets Attached Across Rajasthan
The provisional attachment includes agricultural and residential land located in the districts of Bundi, Baran and Kota in Rajasthan. The properties are registered in the names of Murli Manohar Namdev, Durga Shankar Merotha, Anil Kumar, Giriraj Nayak, Shobha Rani and others, the agency said.
In addition to the immovable assets, the agency attached a bank account linked to the Apexa Group containing ₹1.50 crore. Together, the attached properties and funds are valued at ₹15.97 crore, according to the official assessment.
Allegations and the Ongoing Probe
The enforcement agency initiated its investigation after multiple first information reports were registered by the Rajasthan Police, alleging that the Apexa Group had collected ₹194.76 crore from a large number of investors through fraudulent schemes. Investigators say the funds were primarily used to acquire properties and establish new business ventures that served the personal financial interests of the accused and their associates.
The probe remains ongoing. Officials said further investigation is underway to trace additional assets and examine the full extent of the alleged laundering of investor funds, even as the attached properties remain subject to adjudication under the money laundering law.
