Power Bank app scam: ED attaches Rs 2.77 crore worth assets in investment fraud case

The ED investigation revealed that the accused entities registered themselves with payment aggregators purporting that they are running business in the category of gaming, social networking and e-commerce whereas the public was induced to invest their money through investment schemes run in the name of Power Bank or the Sunfactory app by assuring them huge rate of interest up to 18 per cent to be paid on daily and weekly basis.

As per information received from the CID, 13 accused entities collected nearly Rs 342 crore from the public within a short span of three months during March 2021 to May 2021, said the ED in a press statement.

It added, “The accused entities neither paid interest nor returned the principal amount to the public and closed their purported business after collecting a huge sum of money from the gullible public and went incommunicado.”

Earlier, the ED had conducted search operations in this case and took Anas Ahmed, the main accused in the case, in its custody. One provisional attachment order was also issued by attaching a sum of Rs 40.64 crore.

A chargesheet was filed against the accused persons on March 17 last year and the same is under trial before the Special Court, PMLA, Bengaluru.