ED : The Jaipur Zonal Office of the Directorate of Enforcement has taken a significant step in the ongoing investigation into the Apexa Group fraud case by provisionally attaching assets valued at Rs 15.97 crore. This action has been carried out under the provisions of the Prevention of Money Laundering Act, 2002, reflecting the seriousness of the alleged financial misconduct and its impact on a large number of investors.
According to an official statement, the provisional attachment order was issued on January 21 as part of a money laundering probe being conducted by the Enforcement Directorate. The attachment includes 37 immovable properties along with one movable asset. These actions are aimed at preventing the accused from further dealing with or disposing of the properties suspected to be acquired using proceeds of crime.
The immovable properties primarily consist of agricultural and residential land parcels located across the districts of Bundi, Baran, and Kota in Rajasthan. In addition to these properties, a bank account belonging to the Apexa Group, containing approximately Rs 1.50 crore, has also been attached. Officials believe these assets are directly linked to the alleged fraud and money laundering activities.
The attached assets are reportedly connected to several individuals, including Murli Manohar Namdev, Durga Shankar Merotha, Anil Kumar, Giriraj Nayak, Shobha Rani, and others associated with the Apexa Group. Investigators suspect that these individuals played key roles in managing and benefiting from the alleged fraudulent schemes that operated over several years.
The Enforcement Directorate has stated that the attachment is provisional in nature and subject to confirmation by the adjudicating authority under the PMLA framework. Such measures are commonly taken to safeguard assets until the legal process reaches a conclusion.
The money laundering investigation was initiated after multiple First Information Reports were registered by the Rajasthan Police against Murli Manohar Namdev and other accused persons. These FIRs alleged that the Apexa Group had systematically defrauded investors by collecting large sums of money under false pretenses.
As per official findings, the Apexa Group is accused of fraudulently mobilizing around Rs 194.76 crore from a wide base of investors. The funds were collected over several years by promising unusually high and assured returns, which were not supported by any genuine or sustainable business activity.
Investigators revealed that the accused allegedly designed investment schemes with criminal intent, fully aware that the promised returns were unrealistic. These schemes lacked any credible financial foundation or operational model capable of generating the returns offered to investors.
Between 2012 and 2020, the group reportedly continued to attract fresh investments by paying small returns to earlier investors. These payouts were allegedly funded either by diverting money from new investors or by convincing existing investors to reinvest their earnings. This practice created an illusion of profitability and helped the schemes survive for several years despite their inherent instability.
The situation deteriorated sharply during the COVID-19 pandemic when many investors demanded the return of their principal amounts along with promised profits. At this stage, the Apexa Group and its promoters allegedly failed to meet these obligations. The inability to repay investors led to the collapse of the schemes, resulting in significant financial losses for numerous individuals.
Authorities noted that sustaining such high returns was impossible from the outset, and the collapse merely exposed the underlying weaknesses and deceptive nature of the operations.
According to the Enforcement Directorate, a substantial portion of the funds collected from investors was diverted towards the acquisition of immovable properties and the creation of new business ventures. These expenditures were allegedly aimed at fulfilling personal financial goals of the accused rather than generating legitimate income for investors.
Further investigation into the Apexa Group case is currently underway. Officials are continuing to trace the money trail, identify additional assets, and determine the full extent of the alleged money laundering activities.
