The Enforcement Directorate has attached assets to the tune of ₹33.66 crore pertaining to Birla Emporium Private Limited, Ira Finance Private Limited, its director and others. The accused cheated about 5,000 investors to the tune of ₹250 crore.
The total attachment in the case so far stands at about ₹61.68 crore.
The ED probe is based on a First Information Report registered by the police in Manipur, against Yumnam Irabanta Singh, director of Birla Emporium and Ira Finance. It is alleged that from 2019 to 2021, he was operating a fraudulent investment/deposit scheme that promised investors high returns, but finally he and his associates siphoned off the funds of many individual depositors.
“Investigation revealed that Yumnam Irabanta Singh and his entities were operating an unauthorised deposit scheme by collecting huge amounts of money from the public with a promise of exorbitant returns.He along with his associates has cheated 5,000 investors [approximately] of Manipur...,” said the agency.
Birla Emporium and Ira Finance have given loans to public/borrower against the security of their properties, which were transferred and registered in the name of directors and staff of Birla Emporium by executing sale deed, the ED said.
“The company closed its door to the depositors since 1st quarter of 2020 without returning the promised funds to them. The said properties which were registered in the name of the promoters were also kept under their custody without returning them,” it said, adding that the funds were used to acquire several properties.
The ED had earlier identified and provisionally attached various movable and immovable properties in the name of Birla Emporium, Yumnam Irabanta Singh, and his associates, amounting to ₹28.02 crore. A prosecution complaint for confiscation of the attached properties has been filed before the court concerned.
Further investigations led to the identification of 121 more immovable properties which are registered in the name of Birla Emporium, Ira Finance, and others.
Editorial Context & Insight
Original analysis & verification
Methodology
This article includes original analysis and synthesis from our editorial team, cross-referenced with primary sources to ensure depth and accuracy.