- विज्ञापन -
Ahmedabad: The Directorate of Enforcement (ED), Ahmedabad Zonal Office, on Monday claimed to have provisionally attached immovable and movable properties worth Rs 1.09 crore belonging to Dhaval Solani, the controlling person of M/s Creditbulls Investments, and his family.
In a statement released by the agency it reads the action, taken under the Prevention of Money Laundering Act (PMLA), 2002, follows an extensive investigation into financial fraud allegedly committed by the investment firm.
The probe was initiated based on multiple FIRs registered by Gujarat and Tamil Nadu Police in Jamnagar, Rajkot, and Chennai, accusing M/s Creditbulls Investments, Dhaval Solani, and associates of defrauding the public by promising high monthly returns.
Initially, the Proceeds of Crime (PoC) in the case were estimated at Rs 8.93 crore. However, further investigations revealed that the actual amount has ballooned to Rs 23 crore, with indications that the scam extends across multiple states and Union Territories, including Gujarat, Tamil Nadu, and Delhi, making it a pan-India financial fraud.
Earlier, the ED conducted searches at various locations linked to Creditbulls Investments, Dhaval Solani, and others, leading to the seizure and freezing of a luxury vehicle, incriminating documents, and approximately Rs 50 lakh in a Demat account.
Investigators also uncovered evidence that public funds collected by the accused were misused for personal luxury expenditures and siphoned off to foreign accounts, raising concerns over international money laundering.
With further quantification of the scam expected, ED’s investigation is still in progress. Authorities are working to trace additional assets and uncover the full extent of the fraudulent financial network.
