Enforcement Directorate returns Rs 37.57 lakh to investors in Bluemax Capital Solutions case

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Highlights

The Enforcement Directorate returned Rs 3,757,697 to investors in the Bluemax Capital Solutions Pvt. Ltd. case following an order by the Special Court.
The investigation revealed that the company raised more than Rs 100 crore from the public and promised attractive returns despite being unauthorised to conduct forex trading.
Assets, including cryptocurrency worth approximately Rs 8.89 crore, were seized, frozen and attached; the trial is ongoing before the Special Court.

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

Refund process follows court order

According to an Enforcement Directorate press release, the Madurai Sub-Zonal Office has returned Rs 3,757,697 to victim investors as part of its action against M/s. Bluemax Capital Solutions Pvt. Ltd. and others in a case registered under the PMLA, 2002. The action followed an order passed by the Special PMLA Court in Madurai under Section 8(8) of the Prevention of Money Laundering Act.

The investigation began on the basis of FIRs registered by the Tamil Nadu Police. These cases were filed in response to investor complaints under various sections of the Indian Penal Code, the TNPID Act, 1997, and the provisions of the Banning of Unregulated Deposit Schemes Act, 2019.

Investigation reveals collection of more than Rs 100 crore

The investigation found that the company had raised more than Rs 100 crore from the public. Investors were told that their money would be invested in forex, commodities, gold and other trading activities, and were promised attractive returns, even though the company was not authorised to conduct forex trading.

The Enforcement Directorate said the funds were not used as represented. Some of the money was routed through the bank accounts of other entities and individuals, while some was used to purchase crypto assets and invest in movable and immovable properties.

During the investigation, searches were conducted at several premises, and assets—including cryptocurrency worth approximately Rs 8.89 crore—were seized, frozen and attached. After the investigation was completed, a prosecution complaint was filed before the Special Court in Madurai, and the trial is ongoing. The process of refunding money to other victims whose applications have been approved by the court is also progressing.

Our previous report covered the ED's money-laundering investigation into the Nexa Evergreen investment fraud case in Rajasthan, where funds collected from thousands of investors and an alleged guaranteed-return scheme are under investigation. The article summarised the filing of a PMLA prosecution complaint before the Special Court in Jaipur, the shortfall in claims from a large number of investors, and actions to seize, freeze and attach assets, including immovable properties, bank accounts and crypto assets.

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