Assets worth ₹55.4 million seized from Jeevan Suraksha Group amid intensified alleged Ponzi probe in Northeast

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Jeevan Suraksha Group asset seizure

Highlights

The Enforcement Directorate provisionally attached assets worth ₹55.4 million linked to Jeevan Suraksha Group of Companies and its directors, including 48 bank accounts and 22 immovable properties.
The group raised about ₹4.0363 billion from investors but returned only ₹1.3272 billion, resulting in alleged proceeds of crime of approximately ₹2.7091 billion.
The group accepted investments without a license, promising high returns under Ponzi-like schemes through 422 branches and a pyramid agent network; further investigation is ongoing.

This article was translated from the original. Read the original version by our correspondent here.

Attachment Order and Basis of Investigation

As stated by the Enforcement Directorate, the Guwahati Zonal Office has issued a provisional attachment order under Section 5(1) of the Prevention of Money Laundering Act, 2002. Under this, assets worth about ₹55.4 million linked to M/s Jeevan Suraksha Group of Companies and its directors have been attached, including deposits of about ₹14.2 million in 48 bank accounts and 22 immovable properties located in Assam, Meghalaya, and West Bengal, valued at approximately ₹41.1 million.

The ED initiated this investigation based on FIRs and charge sheets filed by the Central Bureau of Investigation, ACB, Guwahati under various sections of the IPC, 1860 and the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. The case was also investigated by CID, Assam in PS Case No. 81/2012, while the Serious Fraud Investigation Office probed it under Section 212 of the Companies Act, 2013.

Investor Fund Collection and Regional Impact

The investigation revealed that the group, mainly through M/s Jeevan Suraksha Real Estate Ltd., M/s Jeevan Suraksha Associate Marketing Pvt. Ltd., and M/s Jeevan Suraksha Energy and Industries Ltd., along with its associate entities, allegedly ran a Ponzi or money-circulation scheme via a pyramid network of agents and around 422 branches spread across the Northeastern states. Investors were promised abnormally high returns through structured products such as recurring and fixed deposits, product and plot bookings, monthly income schemes, and redeemable preference shares, without the required license or authorization to accept deposits.

According to the ED, the group raised about ₹4.0363 billion from investors and returned only about ₹1.3272 billion, resulting in alleged proceeds of crime of approximately ₹2.7091 billion. The probe also found that funds from new investors were used to pay old investors, diverted from company accounts to the personal accounts of directors and their relatives, withdrawn in cash, layered through insurance policies, fixed deposits, and inter-entity transfers, and ultimately invested in immovable properties in the names of companies, directors, relatives, and associates; further investigation is ongoing.

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