ED attaches Rs 5.54 crore assets in Jeevan Suraksha Ponzi scam case

The Directorate of Enforcement (ED), Guwahati Zonal Office, has provisionally attached movable and immovable assets worth approximately Rs 5.54 crore under the Prevention of Money Laundering Act (PMLA), 2002, in connection with its investigation into the Jeevan Suraksha Group of Companies and its directors over an alleged multi-crore Ponzi and money circulation scheme.

According to the ED, the provisional attachment order issued under Section 5(1) of the PMLA covers credit balances of approximately Rs1.42 crore lying in 48 bank accounts and 22 immovable properties valued at around Rs 4.11 crore. The properties are located across Assam, Meghalaya and West Bengal.

The money laundering investigation was initiated on the basis of multiple FIRs and charge sheets filed by the Central Bureau of Investigation's Anti-Corruption Branch (CBI-ACB), Guwahati, under various provisions of the Indian Penal Code, 1860, and the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. The case was also investigated by the Assam CID under PS Case No. 81/2012 and by the Serious Fraud Investigation Office (SFIO) under Section 212 of the Companies Act, 2013.

The ED alleged that the Jeevan Suraksha Group, primarily operating through M/s Jeevan Suraksha Real Estate Ltd., M/s Jeevan Suraksha Associate Marketing Pvt. Ltd., M/s Jeevan Suraksha Energy and Industries Ltd., along with its sister concerns, ran a Ponzi and money circulation scheme through a pyramidal network comprising around 422 branches across the Northeastern states.

Investigators found that the group attracted investors through schemes presented as recurring and fixed deposits, product and plot bookings, monthly income schemes and redeemable preference shares. These schemes allegedly promised unusually high returns despite the companies lacking any licence or statutory authorisation to accept public deposits.

According to the ED, the group collected approximately ₹403.63 crore from nearly 6,88,192 investors but repaid only about ₹132.72 crore. The agency alleged that these repayments were primarily made to create an appearance of legitimacy and encourage fresh investments, resulting in proceeds of crime estimated at around ₹270.91 crore.

The investigation further indicated that the group had no genuine business or investment activity to support the collections. Funds mobilised from new investors were allegedly used to repay earlier investors until operations were abruptly shut down and the promoters absconded.

The ED also alleged that investor funds were diverted from company accounts to the personal accounts of the directors and their family members. The money was subsequently layered through cash withdrawals, insurance policies, fixed deposits and inter-entity transfers before being invested in immovable properties purchased in the names of the companies, directors, their relatives and associates.

The agency said further investigation into the case is underway.