Actor Prakash Raj has been summoned via the Enforcement Directorate (ED) for thinking in reference to an alleged Rs 100 crore ponzi and fraud case towards a Tiruchirapalli-primarily based jewelry organization. Prakash Raj (fifty eight), a vocal critic of the BJP, has been a logo ambassador of this employer. He has been requested to depose earlier than the ED in Chennai next week. The research pertains to a case against Pranav Jewellers, a partnership firm based totally in Tiruchirapalli, whom it had raided on November 20 and claimed to have seized 'unexplained' coins of Rs 23.70 lakh and a few gold jewellery.

About Ponzi Scheme
The ponzi scheme, allegedly run via the entity Pranav Jewellers, has come below the ED's scrutiny primarily based on a First Information Report (FIR) lodged through the Economic Offences Wing (EOW) in Trichy towards Pranav Jewellers and others involved in the alleged financial wrongdoing. According to the FIR, Pranav Jewellers and others amassed Rs a hundred crore from the public under the guise of a gold funding scheme with the promise of excessive returns, but it failed to fulfil its promise, the probe organisation stated in a declaration. 

"Pranav Jewellers didn't return the amount to such investors and the company (Pranav Jewellers) and different linked men and women cheated the public by means of diverting public budget to shell entities/entry providers below the garb of buy of bullion/gold embellishes," the ED had stated inside the statement the day gone by. 

The supplier parties within the books of Pranav Jewellers have been access vendors, who for the duration of the research, “confessed” to supplying adjustment and bogus accommodation entries to Pranav Jewellers for amounts of over Rs a hundred crore and additionally “confessed” to giving coins to the accused men and women in lieu of financial institution bills, the ED claimed.

“During the searches, numerous incriminating files, unexplained cash of Rs 23.70 lakh, bullion and gold jewelry weighing eleven.60 kg changed into seized,” the probe organization said.