Prakash
Raj
Summoned:
Actor
Prakash
Raj
has
been
called
in
for
questioning
by
the
Enforcement
Directorate
(ED)
in
connection
with
an
alleged
₹100-crore
Ponzi
scheme
associated
with
a
jeweler.
Mr.
Raj
served
as
the
brand
ambassador
for
Pranav
Jewellers,
a
chain
accused
of
orchestrating
the
scam.
The
ED
conducted
raids
on
branches
of
the
Trichy-based
jewelry
chain,
which
has
outlets
in
various
locations
in
Tamil
Nadu
and
Puducherry,
including
Chennai.
The
allegations
suggest
that
the
jewelry
chain
operated
a
Ponzi
scheme,
defrauding
investors
of
₹100
crore.
Prakash
Raj,
who
had
a
significant
tenure
as
the
jeweler's
brand
ambassador,
has
yet
to
make
a
statement
regarding
the
matter.
The
stores
operated
by
Pranav
Jewellers
closed
down
in
October,
prompting
the
Economic
Offences
Wing
in
Trichy,
Tamil
Nadu,
to
file
a
case
against
the
owner,
Madhan,
based
on
complaints.
Earlier
this
month,
lookout
notices
were
issued
against
the
owner
and
his
wife.
In
a
recent
statement,
the
ED
revealed
that
Pranav
Jewellers
collected
₹100
crore
through
a
gold
investment
scheme
that
promised
substantial
returns.
However,
the
promised
returns
failed
to
materialize,
and
the
invested
amount
was
not
returned
to
the
investors.
"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
the
purchase
of
bullion/gold
ornaments," stated
the
ED.
According
to
the
ED,
the
supplier
parties
in
Pranav
Jewellers'
books
were
entry
providers
who,
during
the
investigation,
confessed
to
providing
adjustment
and
bogus
accommodation
entries
to
Pranav
Jewellers
totaling
over
₹100
crore.
They
also
allegedly
confessed
to
providing
cash
to
the
accused
individuals
instead
of
bank
payments.