ED attaches assets worth Rs 33.66 Cr

By Our Staff Reporter
IMPHAL, Jan 2 : The Enforcement Directorate (ED), Imphal Sub-Zonal Office, has issued a second Provisional Attachment Order (PAO) amounting to Rs 33.66 crore in connection with M/S Birla Emporium Pvt Ltd and M/S Ira Finance Pvt Ltd, its Director Yumnam Irabanta Singh, and others, regarding the alleged cheating of 5,000 gullible investors.
In a press release issued yesterday, the ED stated that the investigation was initiated based on an FIR filed by the Crime Branch (CIB), Manipur, under various Sections of the Indian Penal Code (IPC), 1860, against Irabanta.
According to the FIR, Irabanta is accused of operating a fraudulent investment and deposit scheme, which promised high returns to investors.
However, it is alleged that Irabanta and his associates misappropriated the funds deposited by investors, it said.
Claiming that Irabanta and his associates defrauded approximately 5,000 investors, causing them a wrongful loss of over Rs 250 crore, the ED stated that M/S Birla Emporium Pvt Ltd and M/S Ira Finance Pvt Ltd also provided loans to the public against the security of their properties.
These properties were then transferred and registered in the name of the Director and staff of M/S Birla Emporium Pvt Ltd by executing sale deeds, it alleged.
The company shut its doors to depositors in the first quarter of 2020 without returning the promised funds, the ED continued.
It also alleged the funds which are considered Proceeds of Crime (POC) were later used to acquire several properties.
ED had earlier identified and provisionally attached various movable and immovable properties regis- tered in the name of M/S Birla Emporium Pvt Ltd, Irabanta and his associates amounting Rs 28.02 crore, it said and added that prosecution complaint for confiscation of attached properties as filed before the Special PMLA Court, Imphal East on June 6, 2025.
Further investigation led to the identification of 121 additional immovable properties, registered in the name of M/S Birla Emporium Pvt Ltd, M/S Ira Finance Pvt Ltd, Irabanta, and others, with a total value of Rs 33.66 crore and these properties have been provisionally attached, it said and added that till date a total of Rs 61.68 crore worth of various movable and immovable properties have been seized in connection with the case.