Bhopal, February 6: The Enforcement Directorate (ED) has filed a chargesheet against Ajay Tidke and others in connection with a double money scam in Balaghat district, Madhya Pradesh.
The chargesheet was presented to a special PMLA court in Jabalpur on January 30. Following this, the accused have been issued notices for pre-cognizance hearings, as confirmed by the ED.
The investigation commenced based on three FIRs registered under sections 21(1) and 21(2) of the BUDS Act, 2019, and various sections of the Indian Penal Code, 1860, at the Lanji and Kirnapur police stations in Balaghat district.
The inquiry revealed that Ajay Tidke and his associates operated a fraudulent ‘double money’ scheme for approximately six months. They lured individuals into investing by making false promises that their money would double in a short period.
The accused collectively ran a scheme, issued post-dated checks, and promised guaranteed returns on the invested amounts. The investigation found that around ₹1,450 crores were collected from investors.
During the investigation, the ED’s Bhopal regional office issued two provisional attachment orders, seizing assets worth ₹2.98 crores and 25 immovable properties valued at ₹1.50 crores, totaling ₹4.48 crores.
One of the provisional attachment orders has already been approved by the adjudicating authority under the PMLA. Additionally, assets that were blocked or attached by relevant authorities have been sent to the central government for confiscation.
Bank accounts belonging to Mahesh Tidke, Ajay Tidke, Tidke Brothers, and other related entities contained ₹12.91 crores, which were frozen under the BUDS Act, 2019, and IPC, 1860, as these accounts were used for money laundering.
Cash amounting to ₹11.89 crores was also recovered from the criminals’ premises. Furthermore, 54 immovable properties acquired by the accused were identified.
The investigation revealed that the accused raised substantial funds from a large number of investors by enticing them with false promises of high returns, despite lacking any legitimate business activities.
The collected funds were manipulated and laundered through multiple bank accounts held in the names of the accused, their family members, associates, and controlled entities. This was clearly a method to conceal, layer, and integrate the proceeds of crime.
The inquiry also established that the proceeds from the crime were used to purchase movable and immovable properties in the names of the accused, their families, and associates. A clear and continuous money trail linking the investors’ funds to these properties was also established during the investigation.