Shabnam Singh

Ponzi scheme

Enforcement Directorate

Sadhana Enterprises

hawala networks

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ByED assistant director askedto share details of her transactions with suspect firms. Scam, with hawala aspect, pegged at Rs 700 crore in preliminary assessment.Cricketer Yuvraj Singh’s mother is believed to be among many investors who have lost money in a large, which is being investigated by the’s Mumbai team. An officer told Mirror that the scheme’s managers, linked to one, promised 84 per cent annual returns in the multifaceted scheme that also involved bitcoins, and then diverted invested funds to shell firms andYuvraj’s mother, Shabnam Singh, is said to have invested around Rs 1 crore, but recovered only half of it.The officer pegged the size of the scam at Rs 700 crore in a preliminary assessment, which is likely to increase. The ED has registered a complaint under the Prevention of Money Laundering Act, and is scrutinising the transactions made by cheated investors.ED assistant director Ranjan Kumar Mishra, who works from the agency’s, wrote to Shabnam Singh on August 23 asking her to provide, within seven days, details of transactions with certain firms and also describe their purpose. Her recentrecords were also sought.“Details of transactions made with Malto Enterprise, Unique Trading Company, Gemini Trading Company, Sadhna Enterprises, Alisha Trading Company, Prasanth Global Pvt Ltd, Shashwat Jewellery Pvt Ltd, DNB Trading, Prasanth Jeweller Pvt Ltd, and purpose of these transactions along with supporting documents (should be submitted),” the order stated.Shabnam Singh denied any wrongdoing on Saturday and insisted that she had not been served a notice. “I have not received any notice under any law. Neither any proceedings have been initiated against me. I have only been asked to submit some information/clarifications, which I have duly provided to authorities,” she told Mirror.“Also, being a law-abiding citizen, and in my endeavour to comply with the law, I will duly cooperate with authorities and would be happy to provide further information that they may require.”So far, no one has been arrested in the case. Another ED officer said the role of one Charan Kapoor of Sadhana Enterprises was of interest to the agency. The officer refused to comment more: “The probe is in the preliminary stage.”Another source said the ED was trying to verify the investment of Rs 1 crore that Shabnam Singh made through cheques. “It has been claimed that she was promised Rs 7 lakh every month on her investment, which turns out to be 84 per cent annual return. The investment was done through cheques and she also received the returns through formal banking channels,” the source said.But after she got back Rs 50 lakh, the payments stopped. “The ED probe is focusing on the dealings of Sadhana Enterprises and other such shell firms that were involved in the Ponzi scheme, bitcoin trading and hawala transactions,” the source said. “We took Shabnam Singh’s version because Sadhana Enterprises had carried out transactions with her.”Mirror could not contact the representatives of Sadhana Enterprises.Yuvraj is currently in Bangalore to play in thefor Punjab. ED sources said he had no involvement in the matter.