Prakash Raj Summoned by ED in Jaw-Dropping 100Cr Scam Investigation
Prakash Raj Summoned by ED in Jaw-Dropping 100Cr Scam Investigation
Renowned actor Prakash Raj has found himself in hot water as the Enforcement Directorate (ED) has summoned him for questioning concerning a 100-crore scam. The ED has alleged that Mr. Raj, who had been promoting the Pranav Jewellers brand, was involved in a Ponzi scheme that defrauded investors. The investigation into the alleged scam began when the ED raided several branches of the Trichy-based jewelry chain, including the one in Chennai. It is believed that Pranav Jewellers collected a whopping 100 crore through a gold investment scheme that promised high returns. However, investors failed to receive any returns, and their initial investments were never returned to them.
The ED has accused Pranav Jewellers and other connected persons of diverting public funds to shell entities and entry providers under the guise of purchasing bullion and gold ornaments. The ED’s statement claims that the supplier parties in Pranav Jewellers’ books have admitted to providing adjustment and bogus accommodation entries for an amount exceeding 100 crore. These parties have also allegedly confessed to providing cash payments to the accused individuals instead of utilizing bank transactions.
As a result of these serious allegations, the Economic Offences Wing in Tamil Nadu’s Trichy filed a case against Madhan, the owner of Pranav Jewellers. Lookout notices were also issued against Madhan and his wife earlier this month, indicating the seriousness of the situation.
Prakash Raj Summoned by ED in Jaw-Dropping 100Cr Scam Investigation
While the ED has summoned Prakash Raj for questioning, the actor has yet to make a statement regarding his involvement in the alleged scam. It remains to be seen how the investigation will unfold and what role Raj may have played in promoting the Pranav Jewellers brand during this tumultuous time.
This case serves as a stark reminder that even those in the public eye can find themselves entangled in legal troubles. It highlights the importance of due diligence and caution when it comes to endorsing brands or participating in investment schemes. As the investigation continues, all parties involved must cooperate fully with the authorities to uncover the truth behind this alleged 100-crore scam.
