SOURCE :- SIASAT NEWS
Bengaluru: The Enforcement Directorate (ED) has filed a chargesheet against three accused, including directors of Ja Lifestyle India Private Limited, in connection with an alleged online investment fraud in which the public was promised earnings for watching advertisements.
The chargesheet has been submitted before a special Prevention of Money Laundering Act (PMLA) court in Bengaluru, according to the agency.
The case originated from an FIR registered at Magadi Road police station against the company and its directors for allegedly collecting money from people by promising returns through an online advertising programme. The ED initiated a money laundering investigation after suspected financial irregularities came to light.
According to the agency, Ja Lifestyle operated a membership-based model to collect money from the public. The company reportedly approached potential customers through social media and other online communication platforms, promoting a digital marketing scheme under which members were promised earnings for viewing advertisements.
Interested individuals were directed to register on the company’s website and create login credentials. After the free registration process, they were allegedly asked to pay Rs 1,109, including Goods and Services Tax, to obtain permanent membership and participate in the earning programme.
Between December 6, 2020, and June 4, 2021, the company allegedly collected approximately Rs 4.29 crore from members of the public through this arrangement.
The ED’s investigation found that the promised facility to earn money by watching advertisements was not provided, according to the agency’s statement. Instead, the money collected from participants was allegedly diverted by the company’s directors for personal expenses and private gains.
The agency has alleged that the membership scheme was used to collect funds under the pretext of offering an online income opportunity.
SOURCE : SIASAT
