Prakash Raj’s Pranav Jewellers Endorsement Lands Him in Trouble
Prakash Raj, the renowned actor, film director, and producer, has been summoned by the Enforcement Directorate (ED) for interrogation in relation to a money laundering case associated with an alleged ₹100 crore ponzi and fraud case involving Pranav Jewellers based in Tiruchirapalli, according to PTI’s Thursday report.
The summons comes as a result of an investigation into Pranav Jewellers, a partnership firm that the ED had searched on November 20 under the Prevention of Money Laundering Act (PMLA), claiming to have seized “unexplained” cash amounting to ₹23.70 lakh and some gold jewellery.
The 58-year-old actor, who has been serving as a brand ambassador for the company, is required to appear before the ED in Chennai next week.
The ED has suggested that the summoning of Prakash Raj is part of a broader inquiry into the alleged fraudulent gold investment scheme orchestrated by Pranav Jewellers, as per sources cited by India Today.
In a statement released on Wednesday, the federal agency revealed that Pranav Jewellers had collected ₹100 crore from the public under the guise of a gold investment scheme promising lucrative returns. However, the company not only failed to fulfill its commitments but also neglected to return the invested funds to the investors, leaving them in a precarious situation.
“Pranav Jewellers failed to return the amount to such investors, and the firm (Pranav Jewellers) and other connected persons cheated the public by diverting public funds to shell entities/entry providers under the garb of the purchase of bullion/gold ornaments,” read the ED statement.
The ED initiated scrutiny into the alleged ponzi scheme operated by Pranav Jewellers based on an FIR filed by the Economic Offences Wing (EOW) in Trichy against the group and other implicated individuals in the purported financial malpractice.
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