Mumbai: ED Searches 14 Locations Of Sagar Diamond And RHC Global Exports
Mumbai, 3rd March 2023: The Directorate of Enforcement (ED) searched 14 locations belonging to M/s. Sagar Diamond Limited, M/s. RHC Global Exports Limited, their director Vaibhav Dipak Shah, and their associates in Surat Special Economic Zone, Ahmedabad and Mumbai. They found cash valued at Rs 25 lakh, gold, and diamonds.
In the Power Bank App fraud case, the ED confiscated cash, gold, diamonds, and other valuables worth Rs 10 crore, electronic gadgets, and documents about fake import/export.
More than five lakh people from various regions of the nation were defrauded of more than Rs 520 crore in just two months when the Power Bank App fraud case was first brought to light in 2021. With two smartphone applications, Power Bank and EZ Plan, the con artists offered investors handsome returns on their investments.
The owners of the app were located in China during the inquiry, and it was discovered that they were collaborating with criminals in India to establish front companies and bank accounts there. The police made many arrests in connection with the case in June 2021.
