Sanasam Jacky diverted and misutilised the money so collected from the investors for the creation of properties in his name and in the name of other companies incorporated by him, said the ED
TFM Report
Enforcement Directorate (ED) investigation has found that Lamjingba Group of Companies Managing Director Sanasam Jacky Singh, who is in custody in connection with a money laundering case, is not engaged in any genuine profitable business activities. He didn’t have any known sources of stable financial income before the establishment of Lamjingba Group of Companies somewhere in 2016, the ED probe revealed.
“Prima-facie evidence indicates that the assets acquired by Sanasam Jacky and his associates were entirely from the proceeds of crime derived out of Ponzi Scheme operation,” the ED said.
The investigation also revealed that Sanasam Jacky has been knowingly involved in the acquisition of proceeds of crime in the name of Fixed Deposits, collected from the common gullible people of Manipur, promising them an exorbitant rate of return. Documents seized during the course of searches showed that an amount of Rs 560 crores (approx.) was collected from 15,300 individuals (approx.) by selling them fake and fabricated promises. He diverted and misutilised the money, so collected from the investors for the creation of properties in his name and in the name of other companies incorporated by him, said the ED.
The ED maintained that Lamjingba Group was operating a fraudulent investment/deposit scheme during the period from 2017 to 2021 and promised investors high returns with little or no risk. From the record available, Lamjingba Group of Companies was incorporated with the Registrar of Companies in the year 2016. However, the group is not authorised to operate a deposit scheme as it is not registered as a Non-Banking Financial Companies (NBFC) under section 45-IA of RBI Act, said the ED. However, the group functioned like a Bank or NBFC without any permission or license. As a result of this Ponzi scheme, Lamjingba Group has defrauded and cheated several investors and misappropriated their hard-earned money, it added.
During preliminary investigation, the ED found that the bank accounts of Sanasam Jacky recorded credit transactions of more than Rs 120 crore. The agency suspected that these credits were acquired from the operation of the Ponzi scheme. Further, it found that Sanasam Jacky has acquired several Movable/Immovable properties in his own name, in the name of his family members and associates across India. Apart from that several immovable properties were also acquired in the name of various companies incorporated under the aegis of Lamjingba Groups.
The Ministry of Corporate Affairs’ website shows that Sanasam Jacky and his associates had been running several shell firms/ companies under the aegis of Lamjingba Group. The ED has listed 15 companies — Lamjingba Nidhi Limited, Lamjingba Management Services Private Limited, Lamjingba Motors Private Limited, Lamjingba Dairy Private Limited, Lamjingba Tours and Travel Private Limited, Lamjingba Jewellery Private Limited, Lamjingba Infra Development Limited, Lamjingba Cab Services Limited, Lamjingba Times Private Limited, Lamjingba Hospital And Medical Research Institute Private Limited, Lamjingba Information Technology Management Private Limited, Cherry Technology and Marketing Private Limited, Lamjingba Eco Housing Development Private Limited, Lamjingba Chitfund Private Limited and Utpal Credits and Investment Pvt Ltd.—owned by Sanasam Jacky Singh.
During the course of preliminary investigation under PMLA, ED found that Sanasam Jacky has clandestinely signed a MOU (Memorandum of Understanding) with Mutum Robindro Singh and others on 21.04.2022, wherein it was agreed on the part of Sanasam Jacky to transfer titles and ownership all assets of Lamjingba Group of companies, which constitute direct proceeds of crimes as per Section 2(1)(u) of PMLA, 2002, to one self-styled investors’ association i.e. AMLIA Group (All Manipur Lamjingba Investors Association) without the prior consent or knowledge of all the investors of Lamjingba Groups.
The Bank accounts analysis of Sanasam Jacky revealed that he is still receiving money in his ICICI bank account no. 095905012340 till the end of 2022. He has acquired two homestead lands measuring 0.415 acre and 0.069 acre (totalling to an area of 0.484 acre) at Kabo Leikai, Imphal (prime location) from Sarda Hospital and Research Centre, Imphal, for an amount of Rs. 21 crore. The money received from the investors was diverted for the acquisition of these properties, said the ED.
The ED also said the scrutiny of the Balance Sheet of Sanasam Jacky for the period FY 2019-20, revealed that he made a profit of Rs 9.5 crores by way of selling one agricultural land situated at Thoubal, Manipur. Moreover, the sale deed was executed on 15.12.2018 and it appears from the transaction that Jacky deliberately transferred the said property to one of his associates namely Waikhom Herojit Singh, for a sale consideration amount of Rs. 10 crore just to show a false profit on the balance sheet. Whereas, Waikhom Herojit Singh is found to be unemployed and doesn’t have a stable income source to acquire the properties at a huge price. Moreover, the area of the said agricultural land is 0.2607 hectares, which is quite small and would not have high market value, it added.
The ED maintained that Sanasam Jacky has deliberately shown false and fabricated data to inflate income received in his Balance sheet. Analysis of the balance sheet of Jacky revealed that without any justification or rationale, he has claimed to avail several unsecured loans from various Lamjingba groups of companies and other unspecified persons. Whereas, at the same time, he also claimed to have given huge amounts of short-term loans and advances to several Lamjingba Companies, it added.
As per ITR records available, Shri Sanasam Jacky Singh did not file ITR for FY 2015-16 and has declared a gross taxable annual income of Rs. 4,99,347/- only for the FY 2016-17. Whereas, his annual income has suddenly increased exponentially from 2017-18 onwards, said the ED.