The Ahmedabad Zone of the Enforcement Directorate (ED) said it had provisionally attached Rs 1.09 crore’s worth of immovable and movable properties of the owner of Creditbulls Investments, Dhaval Solani, and his family on February 28. The attachment was made under the provisions of Prevention of Money Laundering Act (PMLA).

In its statement on Monday, the ED said that it had initiated an investigation on the basis of FIRs registered by Gujarat Police in Jamnagar and Rajkot and Tamil NaduPolice in Chennai against Creditbulls Investments, Solani and others for allegedly duping the general public on the pretext of high monthly returns.

At the time of initiating the investigation, the amount of money defrauded in the case was allegedly Rs 8.93 crore, which, during further investigation, had allegedly risen to Rs 23 crore, and may “increase further” as the fraud allegedly took place across various states.
Previously, searches were carried out at various premises related to the company, Solani and others which resulted in the seizure and freezing of a vehicle allegedly incriminating documents, and approximately Rs 50 lakh in a Demat account, the statement claimed.