New Delhi, 06 August (H.S.):

The Enforcement Directorate (ED) on Thursday conducted searches at five locations in Bihar's Munger district in connection with an alleged investment fraud and money laundering case. According to the investigating agency, Jollywood Music Industries Private Limited allegedly duped investors of crores of rupees by luring them with promises of digital jobs and doubling their investments.

The ED said the searches were carried out under Section 17 of the Prevention of Money Laundering Act (PMLA). The agency is investigating the company's director, Jitendra Kumar Rajeev, and his associates for allegedly defrauding investors. The search operations were conducted at five premises across Munger district.

According to the ED, the company claimed that individuals investing Rs 2,56,500 would earn a monthly income of Rs 15,000. To qualify for the payment, investors were required to watch 4,800 audio and video clips every month through the company's website. They were also promised additional bonuses, motorcycles, and cars for enrolling more participants into the scheme.

The agency alleged that after collecting investments, the company's software engineer deliberately slowed down the website, preventing investors from viewing the required 4,800 audio and video files. As a result, they failed to meet the eligibility criteria for receiving payments and did not receive the promised returns.

The case is based on an FIR registered at Munger Police Station on November 18, 2024, under Sections 316(2), 318(4), and 3(5) of the Bharatiya Nyaya Sanhita (BNS), 2023. The police have already filed a chargesheet in the case, while the ED is now investigating the money laundering aspects of the alleged fraud.

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Hindusthan Samachar / Jun Sarkar