New Delhi, July 17: The Enforcement Directorate (ED) has filed a supplementary prosecution complaint (SPC) against Manipur-based Birla Emporium, its director Yumnam Irabanta Singh, and associated entities for allegedly cheating nearly 5,000 investors through fraudulent financial schemes, officials said on Wednesday.
According to a report by NDTV, the ED’s action follows multiple FIRs registered by the Manipur CID (Crime Branch) against Singh, who also headed another company, Ira Finance. Investigations revealed that between 2019 and 2021, Singh ran unauthorized deposit schemes under the guise of high-return investments, reportedly defrauding investors of over ₹250 crore.
According to the ED, both Birla Emporium and Ira Finance offered illicit financial services, including “Loan Against Property” schemes. However, properties mortgaged by borrowers were allegedly transferred to and registered in the names of company officials through sale deeds, effectively dispossessing the original owners.
The scheme unraveled in early 2020, when the firm ceased operations and defaulted on investor repayments. The ED said that the proceeds of crime were used to build a vast asset portfolio, including at least 85 immovable properties.
Assets worth ₹28.02 crore, comprising both movable and immovable properties, have been provisionally attached under the Prevention of Money Laundering Act (PMLA). A prosecution complaint seeking confiscation of these properties was submitted before a special PMLA court on June 6.
