The Directorate of Enforcement (ED), Imphal Sub-Zonal Office, has issued a second Provisional Attachment Order (PAO) attaching assets worth Rs 33.66 crore in connection with an alleged large-scale investment fraud pertaining to two private entities – M/s Birla Emporium Pvt Ltd, M/s Ira Finance Pvt Ltd, and their director Yumnam Irabanta Singh.A statement issued by the Directorate on Thursday informed that the PAO relates to a case of alleged cheating of around 5,000 investors in Manipur. The ED investigation was based on an FIR registered against Singh by the CID (Crime Branch), Manipur, under Sections of the IPC, including Section 1860. It was alleged in the FIR that between the years 2019 and 2021, Singh operated a fraudulent investment and deposit scheme through his companies, promising high returns to the investors. “But finally, he (Singh) and his associates had siphoned off several individual depositors’ funds,” the statement said. Investigation by the ED revealed that the scheme was unauthorised and resulted in wrongful losses to investors amounting to more than Rs 2.50 crore, while generating corresponding wrongful gains for the accused.
It was further revealed that the companies also provided loans to the public against property under the Loan Against Property (LAP) model. However, properties of borrowers were allegedly transferred and registered in the names of directors and staff of M/s Birla Emporium Pvt Ltd through sale deeds. “The company closed its door to the depositors since the first quarter of 2020 without returning the promised funds to depositors,” the statement said.“The properties registered in the names of promoters were also kept in their custody without returning them, and the proceeds of crime were subsequently utilised for acquiring multiple properties,” it added.
The ED had earlier provisionally attached movable and immovable properties worth Rs 28.02 crore in the names of M/s Birla Emporium Pvt Ltd, Yumnam Irabanta Singh and his associates. A prosecution complaint seeking confiscation of the attached assets was filed before the Special PMLA Court, Imphal East, on June 6, 2025 against M/s Birla Emporium Pvt Ltd, Yumnam Irabanta Singh and others. Further investigation led to the identification of 121 additional immovable properties registered in the names of M/s Birla Emporium Pvt Ltd, M/s Ira Finance Pvt Ltd, Yumnam Irabanta Singh and his associates, which were found to have been acquired from the proceeds of crime. These immovable properties, valued at Rs 33.66 crore, have now been provisionally attached.“Till date, a total amount of Rs 61.68 crore pertaining to various movable and immovable properties in the name of M/s Birla Emporium Pvt Ltd, Yumnam Irabanta Singh and his associates, has been provisionally attached,” the directorate informed. Further investigation is underway.
