Officials have indicated that Raj served as the brand ambassador for Pranav Jewellers and is currently under scrutiny in connection with the ongoing investigation.The firm was raided by ED on Monday for running the allegedPonzi scheme.
“Investigation revealed that Pranav Jewellers and other connected persons cheated the public by diverting public funds to shell entities/entry providers under the garb of purchase of bullion/gold ornaments,” ED said in a statement on Wednesday.
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The statement added, “Searches also revealed that the supplier parties in the books of Pranav Jewellers were entry providers, who during the investigation confessed to have provided adjustment or accommodation entries to Pranav Jewellers for amounts over ₹100 crores; and also confessed to have given cash to the accused persons in lieu of bank payments.”
The Enforcement Directorate is investigating financial crimes related to Pranav Jewellers based on an FIR filed by the Economic Offences Wing (EOW) in Trichy. The FIR claims that the company collected ₹100 crore from the public, posing as a gold investment scheme with the promise of significant returns. However, Pranav Jewellers allegedly failed to return the money to the investors.
In the raids conducted on Monday, the agency discovered several implicating documents. They also seized unexplained cash amounting to Rs 23.70 lakh and confiscated bullion/gold jewelry weighing 11.60 kilograms.
