Shabnam Singh, mother of Indian cricket legend Yuvraj Singh, lost huge amount of money in a fraud scheme. According to the report printed in Mumbai Mirror, Shabnam Singh lost almost 50 lakh rupees in this scheme.
Under this scheme, she was promised 84 percent returns so that she would get around Rs 7 lakh per month.
The investigation of the matter is being done by Mumbai Branch of Enforcement Directorate (ED). According to the report, Shabnam had invested nearly one crore rupees in this scheme, but she got only half the amount back.
An officer told Mirror that the scheme’s managers, linked to one Sadhana Enterprises, promised 84 per cent annual returns in the multifaceted scheme that also involved bitcoins, and then diverted invested funds to shell firms and hawala networks.
After Shabnam’s complain, ED has filed a case under the Prevention of Money Laundering Act and is investigating the accounts of the investors who have been cheated. However, no one has been detained so far.
According to an ED official, this scam may be more than Rs. 700 crores.