Mumbai: In a significant development in the Mumbai MoneyEdge scam, the Economic Offences Wing (EOW) has issued a Look Out Circular (LOC) against Rajiv Jadhav, a wanted accused in the case. Authorities have also seized a substantial amount of assets linked to the scam, intensifying the crackdown on the financial fraud network.
The total amount of the fraud has now escalated to ₹40 crore, impacting numerous investors who were lured with promises of high returns. Jadhav, who has been evading authorities, is accused of orchestrating a massive Ponzi scheme through his firm, MoneyEdge. Several complaints have been registered, alleging that Jadhav and his associates collected substantial investments from individuals by offering lucrative profit margins, only to default on repayments.
Seized Properties and Accounts: According to police, the EOW has confiscated 12 flats, 10 shops, and 25 acres of land located in Pali and Shahapur. In addition, assets belonging to arrested accused Hariprasad Venugopal, originally from Kerala, have also been seized. These include multiple properties in Thane, Diva, and Dombivli.
Furthermore, police successfully froze 21 demat accounts and 21 bank accounts tied to the accused, cutting off access to funds believed to be connected to fraudulent activities.
