Highrich Scam: ED Files First Chargesheet that TD Prathapan and his wife Sreena as the main culprits (Image: Instagram @sreenaprathapan_high_rich_ceo)

The Enforcement Directorate (ED) has filed a charge sheet in the Highrich financial fraud case, alleging black money transactions worth Rs 1,651 crore with 37 individuals, including institution owners TD Prathapan and his wife Sreena who have been named as defendants. The ED has submitted an 11,500-page report which includes the charge sheet and supporting documents which is handed over to the Kochi court.

The ED has estimated that TD Prathapan and his wife Sreena raised a whopping Rs 1,651.65 crore from the public through their various businesses such as Highrich Online Shopee, HR Crypto, and HR OTT. The ED’s special public prosecutor, MJ Santhosh, stated that the couple collected money under the guise of investment in these projects but diverted it for other purposes. The list of accused includes top promoters, known as  ‘Highrich leaders’, who benefited from the ‘Ponzi’ scheme. These individuals have been identified as Reetha, Riyas, Sindhu Prakash, and others, as per the reports.

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During the investigation, the ED attached movable and immovable assets valued at Rs 33.7 crore belonging to Highrich companies headed by Prathapan, Sreena, and its top 15 promoters and the ED froze their bank accounts containing Rs 244.03 crore, bringing the total attached assets to Rs 277 crore. The ED has advised the victims of the Highrich scam may approach the court to recover their losses from the attached assets. The court will consider their applications after charges are framed against the accused.

According to the reports, the investigation will continue against other promoters who assisted in raising money from the public. The Kerala Police have registered 28 FIRs against the accused but failed to proceed with their arrest. In a submission to the Assembly, Chief Minister Pinarayi Vijayan revealed that Highrich promoters raised RS 3,141.34 crore from the public through scams and other fraudulent activities. The case was later transferred to the Central Bureau of Investigation (CBI) due to the promoters’ involvement in raising money from various states and currently proceeds at the Kochi court.

Also, read| Highrich Online Shoppe: Troubles Mount For Owners KD Prathapan, Sreena Prathapan