The Income Tax Department searched the premises of several firms, including those linked to a Kannada news channel, in connection with suspected money laundering and a Ponzi scheme. The operation follows a case booked by the city police against a firm in D.J. Halli.
Sleuths searched a premises in Kanaka Nagar, another in Wilson Garden and two other offices on Tuesday. The D.J. Halli police had recently booked the directors of the Kanaka Nagar firm, which had promised returns of 8-12% per month on investments, for allegedly running a Ponzi scheme. They found that the firm did not have a permit to collect money. The police had put up a board instructing people not to invest any money in the firm.
Sleuths searched a premises in Kanaka Nagar, another in Wilson Garden and two other offices on Tuesday. The D.J. Halli police had recently booked the directors of the Kanaka Nagar firm, which had promised returns of 8-12% per month on investments, for allegedly running a Ponzi scheme. They found that the firm did not have a permit to collect money. The police had put up a board instructing people not to invest any money in the firm.