
The Enforcement Directorate (ED) has successfully traced and recovered assets worth Rs 212 crores belonging to the owners of ‘High Rich,’ a company implicated in an investment fraud case. The ED’s case involves serious allegations of engaging in black money transactions exceeding Rs 100 crores. Notably, two individuals, including the company’s owner Prathapan, have been accused in the case.
Raid and Investigation
As part of its ongoing investigation, the ED conducted a raid on the institution recently, unearthing financial transactions resembling a money chain. The agency is actively pursuing legal actions against the accused in connection with these allegations.
GST Evasion and Arrest
On November 24, the Kasaragod GST Intelligence unit raided the office of High Rich Online Shopee in Arattupuzha. Investigations revealed tax evasion amounting to Rs 126.54 crore, with the company concealing a turnover of Rs 703 crore. Subsequently, the directors, including Pratapan, were summoned as part of the ongoing inquiry.
Pratapan, the director, faced arrest on December 1 following the discovery of massive GST evasion. Despite attempts to avoid arrest by making payments of Rs 1.50 crore on November 24 and Rs 50 crore on November 27, these efforts proved unsuccessful.
High Rich Shoppe Operations and Bank Account Freeze
Operating as an e-commerce platform with a multi-level marketing model, High Rich Shoppe primarily conducts transactions in other states. In response to the investigation, the GST department has taken steps to freeze the bank accounts associated with both the company and the accused.
Legal Proceedings and Anticipatory Bail
The court in Kochi is scheduled to review the anticipatory bail application filed by the accused in the High Rich investment fraud case on January 30. This development marks a crucial juncture in the legal proceedings, determining the course of action in the ongoing case.