ED Moves Special Court Over ₹308 Crore Ponzi Scam By Maxizone Touch, Attaches ₹11 Crore Assets
Court / Authority
Indirect Taxes and Customs (CBIC)
Update / Judgement Date
15 Jul 2026
Source
WCP News Bulletin
Author
Manas Yadav — WCP Legal Desk
Reading Time
1 min read
View Count
1
The Ranchi Zonal Office of the Directorate of Enforcement (ED) has filed a Prosecution Complaint before the Special Court (CBI-cum-PMLA), Ranchi, against Maxizone Touch Pvt. Ltd. and its directors Chander Bhushan Singh and Priyanka for allegedly running a massive MLM/Ponzi fraud involving proceeds of crime of about ₹308 crore.
The action follows FIRs registered by the Jharkhand Police at Sakchi and Govindpur police stations, Jamshedpur. According to the ED, the accused lured investors with promises of lifelong monthly returns of 15 percent, abruptly stopped payouts, and went absconding, leading to their declaration as proclaimed offenders in March 2023.
Investigations revealed that the company had no genuine business operations and functioned purely as a Ponzi scheme, using fresh deposits to pay earlier investors. The accused also falsely projected themselves as NSE-authorised persons, while the RBI confirmed the firm lacked NBFC registration.
Forensic analysis showed collections from 16,927 investors amounting to nearly ₹308 crore, with over ₹521 crore routed through multiple bank accounts. Funds were allegedly laundered into real estate, gold, and cryptocurrency. The ED has provisionally attached assets worth ₹11 crore and arrested both directors, who remain in judicial custody. Further investigation is underway.
Full Judgement / Attachment
Full Judgement
Frequently asked questions about Indirect Taxes and Customs (CBIC)
- What is the CBIC?
- The Central Board of Indirect Taxes and Customs (CBIC), in the Department of Revenue, Ministry of Finance, administers customs, central excise and the Central GST and IGST. It issues notifications, circulars and instructions that field formations follow.
- How do importers and exporters file customs documents?
- Bills of entry and shipping bills are filed electronically through ICEGATE, the CBIC's customs e-commerce gateway. Most bills of entry are assessed under the Faceless Assessment system.
- How do I appeal against a customs order?
- A first appeal lies to the Commissioner (Customs Appeals) within 60 days, with a pre-deposit of 7.5 per cent of the duty in dispute. A further appeal lies to the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) within three months, with a pre-deposit of 10 per cent.
- Where are CBIC notifications published?
- Notifications and circulars on customs, GST and central excise are published on the CBIC website (cbic.gov.in) and in the Gazette of India, under separate series for tariff and non-tariff notifications.
- How can White Collar Professional help with a customs or CBIC matter?
- Post your requirement on White Collar Professional to receive proposals from verified Chartered Accountants, customs brokers and Advocates, compare them, and pay securely through the platform. This page also tracks the latest customs or CBIC CBIC and customs updates as they are reported.
