The Enforcement Directorate (ED) has arrested Chander Bhushan Singh and his wife Priyanka, directors of M/s Maxizone Touch Pvt. Ltd., in connection with a Rs 307-crore multi-level marketing (MLM) scam. The arrests were made on December 16 by the ED’s Ranchi Zonal Office under the Prevention of Money Laundering Act (PMLA), 2002, following a detailed investigation into alleged misappropriation of public funds.
According to the ED, the accused ran a fraudulent MLM scheme, promising high monthly returns and referral incentives to lure investors. Through this scheme, the company allegedly collected unauthorised deposits exceeding Rs 307 crore across at least 21 bank accounts, generating substantial proceeds of crime.
Investigators noted that the Singh couple evaded law enforcement for nearly three years, moving across Jharkhand, Rajasthan, Assam, and other states, and using fake identities such as “Deepak Singh” to conceal their movements. They are also accused of laundering illicit proceeds through benami real estate transactions and cash conversions.
The probe began following multiple FIRs registered in Jharkhand, Bihar, Uttar Pradesh, Rajasthan, and Karnataka for fraud and cheating against the company and its directors. The ED conducted searches at various locations on September 16 and December 3, including Delhi, Noida, Ghaziabad, Vaishali, Meerut, Ranchi, and Dehradun.
During these operations, the agency seized fake ID cards, handwritten financial diaries, cash exceeding Rs 10 lakh, cheque books, laptops, and mobile phones. Investigators also recovered cryptocurrency holdings worth USDT 15,000 and documents linked to multiple real estate properties.
The accused have been remanded to five days of ED custody by the Special PMLA Court in Ranchi, as the investigation continues.
