ED Summons Actor Prakash Raj In Rs 100-Crore Ponzi Scam Linked To Jeweller

Chennai: The Enforcement Directorate (ED) has summoned actor Prakash Raj for questioning in an alleged Rs 100-crore Ponzi scheme linked to a jeweller.

Raj was the brand ambassador of Trichy-based Pranav Jewellers, a chain accused of running the scam.

The ED raided several branches of Pranav Jewellers across Tamil Nadu and Puducherry, including Chennai, for allegedly duping investors of Rs 100 crore.

Pranav Jewellers stores shut down last month based on complaints,

The Economic Offences Wing filed a case against the owner Madhan in Trichy. Lookout notices were issued against the owner and his wife.

The ED in a statement that Rs 100 crore had been collected by Pranav Jewellers under the guise of a gold investment scheme promising high returns. However, the returns didn’t materialise, neither was the invested amount returned to investors, ED said.

“Pranav Jewellers failed to return the amount to such investors and the firm (Pranav Jewellers) and other connected persons cheated the public by diverting public funds to shell entities/entry providers under the garb of purchase of bullion/gold ornaments,” ED stated.