Indian star cricketer Yuvraj Singh’s mother Shabnam Singh is said to have lost more than 50 lakhs of the one Crore money which she invested in the Ponzi scheme, which is under investigation by the Enforcement Directorate’s Mumbai team. As part of the scheme one Sadhana Enterprises, promised 84 per cent annual returns in the multifaceted scheme that also involved bitcoins, and then diverted invested funds to shell firms and money laundering networks.

Aas part of the investment of Rs 1 crore which she made through cheques it is claimed that she was promised Rs 7 lakh every month on her investment, which is 84 per cent annual return. But after she got back Rs 50 lakh, the payments stopped. Mirror could not contact the representatives of Sadhana Enterprises.

As per the preliminary assessment the scam is at Rs 700 crore & is likely to increase. The ED has registered a case under the Prevention of Money Laundering Act, and as part of its scrutiny have asked her to furnish, within seven days, details of transactions with certain firms and also describe their purpose. She has denied any wrongdoing and said that no notice was served and she that she was only asked to submit some information as part of the investigation which she has done as a law abiding citizen.The Enforcement Directorate clarified that Yuvraj Singh had no role in this case.

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