The Ponzi Scheme is currently under the scanner of the Enforcement Directorate as it has duped many people by promising them higher returns on their investment but instead ended up looting them. Now, as per reports Yuvraj Singh’s mother Shabnam who invested Rs 1 crore in the scheme has only got half of her money and is yet to recover Rs 50 Lakhs. The scheme managers are linked to Sadhana Enterprises and hawala networks. According to the preliminary assessment, the scam has managed to shell out more Rs 700 crore which will escalate with more investigations. Bengaluru Investment Firm Running Ponzi Scheme Dupes Rahul Dravid and 800 Others of Crores, Cricketer Files Complaint.

The ED director Ranjan Kumar Mishra wrote to Yuvraj’s mother and asked her to provide the details of the transactions within seven days. “Details of transactions made with Malto Enterprise, Unique Trading Company, Gemini Trading Company, Sadhna Enterprises, Alisha Trading Company, Prasanth Global Pvt Ltd, Shashwat Jewellery Pvt Ltd, DNB Trading, Prasanth Jeweller Pvt Ltd, and purpose of these transactions along with supporting documents (should be submitted),” the order stated.

Shabman Singh denied any wrongdoings and has denied being serving notice. “I have not received any notice under any law. Neither any proceedings have been initiated against me. I have only been asked to submit some information/clarifications, which I have duly provided to authorities,” said Shabnam.

As per sources close to ED, she was promised Rs 7 lakh every month which turns out to be 84 percent of returns. The investment by Shabnam was made through cheques and also received her returns in black and white. “It has been claimed that she was promised Rs 7 lakh every month on her investment, which turns out to be 84 per cent annual return. The investment was done through cheques and she also received the returns through formal banking channels,” the source said.

(The above story first appeared on LatestLY on Oct 08, 2018 12:33 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).