The Directorate of Enforcement (ED) in Imphal has issued a second Provisional Attachment Order (PAO), which attaches assets totaling Rs 33.66 crore, in relation to a significant investment fraud involving the entities M/s Birla Emporium Pvt Ltd and M/s Ira Finance Pvt Ltd, along with their director, Yumnam Irabanta Singh. This PAO is part of an ongoing investigation into allegations of cheating approximately 5,000 investors in Manipur, driven by an FIR filed by the CID (Crime Branch), Manipur, under various sections of the Indian Penal Code, including Section 1860.
Between 2019 and 2021, Singh allegedly ran a fraudulent investment scheme promising high returns to investors, during which he and his associates are accused of misappropriating funds. The ED’s investigation has revealed that the investment scheme was unauthorized, leading to wrongful losses exceeding Rs 2.50 crore for investors and generating illicit gains for the accused parties.
Furthermore, the involved companies reportedly offered loans through a Loan Against Property (LAP) model. However, it was discovered that properties belonging to borrowers were improperly transferred to the directors and staff of M/s Birla Emporium Pvt Ltd, documented via sale deeds. The company has not returned the promised funds to depositors since early 2020, nor have they returned the properties taken into custody.
Previously, the ED had attached movable and immovable assets valued at Rs 28.02 crore linked to M/s Birla Emporium Pvt Ltd, Yumnam Irabanta Singh, and associates. A prosecution complaint was filed on June 6, 2025, seeking the confiscation of these assets in front of the Special PMLA Court in Imphal East. Further investigations identified an additional 121 immovable properties tied to the same entities, reportedly acquired through the proceeds of crime, leading to the provisional attachment of these properties valued at Rs 33.66 crore.
In summary, the total assets provisionally attached now amount to Rs 61.68 crore, encompassing various movable and immovable properties registered in the names of the implicated companies and individuals. The inquiry is ongoing as the ED continues to seek justice for the victims.
