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The Enforcement Directorate (ED) has taken a significant step in the investigation of a Multilevel Marketing (MLM) scheme, attaching assets valued at Rs. 84.24 crore across Maharashtra and Rajasthan. The attached assets include movable and immovable properties, DEMAT accounts, post office savings, silver and diamond jewelry/bullion, and bank account balances, allegedly acquired by the promoters Bhausaheb Chhabu Chavan, Smt. Arati Bhausaheb Chavan, and others.
The investigation initiated by the Enforcement Directorate was based on multiple FIRs registered in Parbani, Nashik, and other districts in Maharashtra against M/s KBC Multitrade Private Ltd. and its promoters. It was revealed that the Chavan family, along with co-accused principal agents of the company, orchestrated a scheme to entice people through MLM promises, ultimately defrauding them of over Rs. 200 crore.
The scheme, operated under the guise of M/s KBC Multitrade Private Limited and M/s KBC Club and Resorts Private Limited, enticed individuals with promises of attractive refunds on investments, binary and matrix commissions, awards, rewards, and product gifts. Members were encouraged to enroll more individuals to receive commissions, despite the lack of genuine business activity.
The ED’s investigation uncovered that funds collected through membership fees were diverted towards acquiring assets such as immovable properties, gold jewelry, and investments in shares. Search operations conducted by the ED earlier led to the restraint of various movable assets belonging to the accused.
Statements recorded from the main accused revealed the misappropriation of funds collected from the public, highlighting the directors’ involvement in illicit activities. The provisional attachment of assets by the Enforcement Directorate marks a significant development in the case, aimed at preventing further misuse of ill-gotten gains and ensuring justice for the victims of the MLM scheme.
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