Bhopal, Feb 6 (AHN) The Directorate of Enforcement (ED), Bhopal Zonal Office, has filed a chargesheet against Ajay Tidke and others in connection with the Double Money scam in Balaghat district, Madhya Pradesh.

The complaint was submitted before the Honble Special PMLA Court, Jabalpur, on January 30. Notices for pre-cognisance hearing have since been issued to the accused persons, an ED press release said on Thursday.

The ED launched its investigation based on three FIRs registered at Lanji and Kirnapur police stations in Balaghat district under Sections 21(1) and 21(2) of the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019, along with various provisions of the Indian Penal Code, 1860, it said.

The probe revealed that Ajay Tidke and his associates operated a fraudulent “Double Money” scheme for approximately six months. They induced members of the public to invest by falsely promising to double their money in a short period.

The accused jointly ran an unregulated deposit scheme, issuing post-dated cheques and assuring guaranteed returns on the invested amount. Investigations showed that approximately Rs 1450 crore was collected from investors, the press release said.

During the investigation, the EDs Bhopal Zonal Office issued two “Provisional Attachment Orders” (PAOs), attaching properties valued at Rs 2.98 crore and 25 immovable properties worth Rs 1.50 crore, totalling Rs 4.48 crore, it said.

One of the PAOs has already been confirmed by the adjudicating authority under PMLA. Assets restrained or attached by competent authorities have also been prayed for confiscation to the Central Government under PMLA provisions.

Bank balances in the names of Mahesh Tidke, Ajay Tidke, Tidke Brothers, and other associated entities, amounting to Rs 12.91 crore, have been frozen under the BUDS Act, 2019, and IPC, 1860, as these accounts were used in the commission of money laundering, said the release.

Cash amounting to Rs 11.89 crore was recovered from the premises of the accused and identified as proceeds of the unregulated deposit scheme. Additionally, 54 immovable properties acquired by the accused persons were noted, it said. The investigation further established that the accused systematically collected deposits from a large number of investors by making false promises of abnormally high returns without any underlying legitimate business activity.

The funds collected were diverted, misappropriated, and laundered through multiple bank accounts in the names of the accused, their family members, associates, and controlled entities, demonstrating deliberate concealment, layering, and integration of the proceeds of crime.

It was also revealed that the proceeds of crime were utilised for the acquisition of movable and immovable properties in the names of the accused persons, their family members, and associates. A clear, continuous, and unbroken money trail linking investor funds to such properties was established during the investigation.