Power Bank App Fraud case: ED conducts raids in Surat, Ahmedabad, Mumbai
March 03, 2023
Surat: The Enforcement Directorate (ED) conducted searches today at several locations in Gujarat and Maharashtra in connection with the Power Bank App fraud case, according to an official statement.
The searches were carried out at 14 premises belonging to M/s. Sagar Diamond Limited, M/s. RHC Global Exports Limited, their director Vaibhav Dipak Shah, and their associates in Surat SEZ, Ahmedabad, and Mumbai. The ED seized cash worth Rs. 25 lakh, gold/diamonds, and other valuables worth Rs. 10 crore, digital devices, and documents related to bogus import/export in the Power Bank App fraud case.
The Power Bank App fraud case was first reported in 2021 when more than five lakh people from different parts of the country were cheated of over Rs. 520 crores in just two months. The fraudsters promised lucrative returns on investments through two mobile applications, namely Power Bank and EZ Plan.
During the investigation, the app’s owners were traced to China, and it was found that they were working with perpetrators in India to set up shell companies and bank accounts in the country. In June 2021, several arrests were made by the police in relation to the case. DeshGujarat
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