Renowned actor Prakash Raj has been summoned by the Enforcement Directorate (ED) for questioning in connection with an alleged ₹100-crore Ponzi scheme linked to a jewellery chain, Pranav Jewellers. The actor, who served as the brand ambassador for the jeweller, is under scrutiny as investigations deepen into the accused chain’s financial malpractices.
Pranav Jewellers, based in Trichy with branches across Tamil Nadu and Puducherry, faced ED raids following allegations of orchestrating a Ponzi scheme that reportedly defrauded investors of ₹100 crore. The ED’s probe revealed that the jeweller promised lucrative returns through a gold investment scheme but failed to deliver on these commitments, leaving investors empty-handed.
Despite Mr. Raj’s significant tenure as the brand ambassador for Pranav Jewellers, the actor has yet to issue a statement regarding the ongoing investigation.
The closure of Pranav Jewellers’ outlets in October triggered investigations and subsequent legal actions. The Economic Offences Wing in Trichy filed a case against the owner, Madhan, based on multiple complaints. Lookout notices were also issued against Madhan and his wife earlier this month.
According to the ED’s recent statement, Pranav Jewellers allegedly diverted public funds to shell entities and entry providers, disguising transactions as purchases of bullion or gold ornaments. These entry providers reportedly confessed to providing fraudulent entries amounting to over ₹100 crore and admitted to providing cash payments to the accused instead of bank transactions.
The ED’s investigation aims to unravel the intricate web of financial irregularities and the alleged siphoning of public funds by Pranav Jewellers and associated individuals. Prakash Raj’s summons adds a new dimension to the ongoing probe, drawing attention to the involvement of public figures in the alleged Ponzi scheme.
Sources By Agencies
