financial fraud through fake ponzi scheme

682 votes

yes. pmla can be imposed . ponzi schemes also come under pmla act. section 3, 19, section 8(8) pmla act read with other sections can be imposed upon the culprits. ECIR is to be registered on complaint after FIR is registered.

Advocate Neha Gupta LawRato

601 votes

Hello Sir you can file petition under PMLA as this is illegal source of income . you can contact me over phone call for futher assistance . Thank you regards Advocate kuber Hooda punjab and haryana high court

Advocate Kuber Hooda LawRato

675 votes

Yes, it is possible to have the Prevention of Money Laundering Act (PMLA) imposed on the accused in cases involving substantial fraud or financial scams, such as Ponzi schemes, where the amount involved is significant (as in your case, 42 lakh rupees). Here's how you can proceed to get the PMLA imposed: 1. Application to the Enforcement Directorate (ED): The PMLA is specifically enforced by the Enforcement Directorate. You can file a complaint with the ED, providing them with all necessary details, including the FIR, evidence, and details of the fraud. 2. Linking Predicate Offense: PMLA cases require a predicate offense, which means the alleged crime must fall under one of the scheduled offenses listed in the PMLA. Sections 420 (cheating), 406 (criminal breach of trust), and 120B (criminal conspiracy) are recognized under the PMLA. Since you've already filed an FIR under these sections, it strengthens your case for ED intervention. 3. Presenting Evidence of Money Laundering: The ED will investigate if the accused has laundered the money obtained from you and others through illegal means. You should compile any proof you have, such as financial transactions, communications, or any indication that the money was layered or siphoned. 4. Follow-Up with Police and ED: Once you've filed your complaint with the ED, follow up with both the police and the ED to ensure that the complaint under PMLA is actively pursued. The police can also forward cases involving substantial financial fraud to the ED for a PMLA investigation. Adv. Mahinder Singh Mavi

Advocate Mahinder Singh LawRato