Out of the many investors who lost money in the scheme, she was one and the Enforcement Directorate’s (ED) Mumbai team is currently investigating the scam
New Delhi: Shabnam Singh, Indian cricketer Yuvraj Singh's mother, has fallen victim to a Ponzi (fraud) scheme, losing Rs 50 lakh. Having invested a reported sum of around Rs 1 crore, she could only manage to get half of it back.
Out of the many investors who lost money in the scheme, she was one and the Enforcement Directorate’s (ED) Mumbai team is currently investigating the scam.
According to a Mumbai Mirror report, Shabnam is to present the documents associated to the transaction along with describing the purpose of investment.
The scheme managers related to a certain firm called Sadhna Enterprises had assured Shabnam an 84% annual return on the investment.
She received Rs 50 lakh and after that the funds ceased to flow in a few months after owing to which a complaint was registered by the ED under the Prevention of Money Laundering Act (PMLA). So far, no arrests have been made in this case.
Looking back at the files of similar cases, badminton star Saina Nehwal along with former Indian cricketer Rahul Dravid had lost Rs 75 lakh and Rs 4 crore respectively after having invested them in a firm which has accusations of duping customers worth of more than Rs 100 crore.
Meanwhile, Yuvraj Singh has been currently playing for Punjab in the Vijay Hazare Trophy in Bengaluru, as he aims to make a comeback into the Indian side with the 2019 World Cup in sight.
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