ED Moves Special Court Over ₹308 Crore Ponzi Scam By Maxizone Touch, Attaches ₹11 Crore Assets

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.