Noida/Ghaziabad/Meerut | Special Correspondent: The Enforcement Directorate (ED) on Wednesday carried out coordinated raids across 20 locations in the National Capital Region (NCR) as part of an ongoing investigation into a ₹300-crore Ponzi scheme operated by Maxizone. The scheme’s promoters, Chandra Bhushan Singh and Priyanka Singh, are accused of luring investors with promises of unrealistic returns and defrauding them of over ₹300 crore before absconding.
ED officials confirmed that both promoters are currently in judicial custody, while the ongoing operations aim to trace their accomplices and map the financial network behind the scam.
Raids at 20 Locations, Investigation Expands
The ED conducted searches in Ghaziabad, Noida, and Meerut, targeting sites linked to the Ponzi scheme’s financial transactions and investor interactions. Investigators said the operation was strategically planned to identify the entire network of associates, agents, and financial intermediaries facilitating the fraudulent scheme.
During the raids, ED teams seized key documents, digital records, banking transactions, and investor files. Technical scrutiny of online platforms and financial networks associated with the promoters is also underway to track the flow of funds and uncover hidden channels used for the scam.
Investors Tricked with False Returns
Initial findings indicate that Singh and Priyanka Singh enticed investors with the promise of extraordinary returns. They reportedly showed small, fabricated profits initially to build trust, subsequently pressuring investors to contribute larger sums. Through this strategy, the promoters allegedly orchestrated a Ponzi operation amounting to over ₹300 crore.
An ED official stated, “Our investigation has revealed a structured network behind the scheme, including financial advisors, technical assistants, and agents who helped in enticing investors and facilitating fund transfers.”
Digital and Financial Forensics in Full Swing
ED confirmed that during the raids, digital forensics and banking audits were conducted to assess the activities of the promoters and their collaborators. The investigation team is analysing investor accounts, transaction flows, and digital communications to map the Ponzi network at every level.
Additionally, the ED has urged investors to remain cautious and to consult authorities before making any further investments, highlighting the preventive aspect of the ongoing operations.
Clear Message: Tighter Oversight on Ponzi Schemes, Investor Protection Priority
The Enforcement Directorate emphasized that Ponzi schemes and investment frauds in the NCR will remain under strict scrutiny. Officials said such coordinated raids are part of a larger effort to safeguard investors from financial scams and ensure that fraudulent operators face legal consequences.
The latest operations signal that regulatory authorities are intensifying measures against financial fraud and that no participant in such schemes will be allowed to evade the law.
ED officials reaffirmed their commitment to continuously monitor, investigate, and act against fraudulent financial networks operating in the region, sending a strong message that NCR will not tolerate investment scams or Ponzi operations.
