The Highrich Saga: ED Freezes Properties Valued at an Astounding Rs 203 Crore
ED's Crackdown, Colossal Fraud, and Multilevel Marketing Tactics Exposed – A Gripping Tale of Legal Drama and Financial Intrigue
In a stunning turn of events, the Enforcement Directorate (ED) has orchestrated a crackdown on the elusive owners of the ‘Highrich’ online shop, unravelling a web of financial deception that has sent shockwaves through Kochi. As investigating agencies swiftly pursue absconding company proprietors, they have frozen properties valued at an astounding Rs 203 crore. It reveals the depth of the alleged fraud concealed under the guise of Highrich online shopping.
Key Points
ED’s Crackdown on Highrich Owners:
The Enforcement Directorate (ED) is taking swift action against the elusive owners of the ‘Highrich’ online shop in Kochi.
As part of the investigation into the alleged fraud under the guise of Highrich online shopping, authorities froze properties valued at Rs 203 crore.
Colossal Fraud Unearthed:
Heinrich company was exposed for committing a massive fraud amounting to Rs 1630 crore, with only Rs 482 crore traced in conventional currency.
Investigating agencies emphasize the need to examine Highrich’s multifaceted frauds thoroughly.
Legal Drama and Multilevel Marketing Tactics:
Highrich owners, K.D. Pratapan and Sreena Pratapan filed an anticipatory bail application, which was met with strong opposition from the ED.
Raid revealed Highrich’s intricate multilevel marketing tactics, creating 1.63 lakh customer IDs and suspicions of inflating clientele with fake IDs.
Investigation Unveils Financial Maze
ED’s relentless pursuit has unearthed a colossal fraud perpetrated by the Heirich company, amounting to an eye-watering Rs 1630 crore. Shockingly, only Rs 482 crore of the ill-gotten gains were traced to conventional currency, with the rest concealed within the labyrinth of cryptocurrency. The investigating agencies insist on a meticulous examination. And recognizing the need for an in-depth probe into the multifaceted frauds orchestrated by Highrich.
Meanwhile, facing the imminent threat of arrest, the Highrich owner, K.D. Pratapan and Sreena Pratapan have sought refuge in an anticipatory bail application. However, the ED stands firm, adamantly opposing bail for the fugitive accused. The unfolding legal saga promises to shed light on a similar case against the accused duo, further intensifying the courtroom drama.
Police Report Unveils Extent of Fraud
A police report reveals the staggering magnitude of the Highrich fraud, pegged at Rs 1630 crore, masquerading under various business ventures, including online shopping. The company, allegedly evading a colossal Rs 126 crore in taxes, is under scrutiny by the ED and the GST department. ED’s swift action follows a desperate attempt by the company’s MD, Pratapan Dasan, to evade arrest. Simultaneously, the CEO, Sreena, also tried to escape, raising questions about their role in the unfolding financial drama.
Raid Unveils Highrich’s Multilevel Marketing Tactics
Yesterday’s raid by the ED at Heirich’s headquarters, owners’ residences, and branches in Thrissur and Ernakulam exposed the intricate web of Highrich’s operations. Operating through 680 shops across India with 78 branches in Kerala, Highrich employed multilevel marketing via an online platform to attract customers. A staggering 1.63 lakh customer IDs were discovered, with suspicions raised over creating approximately fifty IDs per client to inflate their clientele.
What is Highrich?
Highrich, a promise of entrepreneurship with just eight hundred rupees, lures individuals into a chain where income expands as the network grows. Adding allure, Highrich offers commissions to the upper chain when the lower chain purchases from Highrich Super Market. The company claims a vast network of 600 supermarkets and boasts about 1.57 crore customers. Its foray into the entertainment industry with Highrich OTT adds another layer of intrigue to its diverse operations.
As the dust settles on ED’s high-profile raid and the Highrich empire crumbles, questions linger about the extent of financial misconduct and the true architects behind this elaborate scheme. The freeze of assets, anticipatory bail pleas, and the shadow of massive tax evasion form the backdrop of this gripping saga. In the intricate dance of legality and deception, the Highrich saga is a stark reminder of the perils that lurk beneath the surface of seemingly prosperous enterprises. As investigations unfold, the public awaits answers. ED’s actions call for financial vigilance in an era where schemes like Highrich can captivate unsuspecting investors.
