ED attaches Rs 110 crore assets in Prayag Group of Companies case

New Delhi [India], December 22 (ANI): The Enforcement Directorate (ED) has attached immovable properties having a total value of Rs 110 crore in a case of money laundering against Prayag Group of Companies and its directors.
These properties comprise 450.42 acres of land along with superstructures in the name of Prayag Group companies valued at approximately Rs 104 crore, located across West Bengal, Bihar and Assam, and immovable properties worth Rs 6 crore in the name of directors, namely Basudeb Bagchi, Avik Bagchi and Swapna Bagchi, the agency said in a statement.
Kolkata zonal office attached these properties under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, following the Provisional Attachment Order (PAO) dated December 15.

ईडी, कोलकाता ने 38.71 लाख निवेशकों से अवैध जमा जुटाने से जुड़े मनी लॉन्ड्रिंग मामले में पीएमएलए, 2002 के तहत प्रयाग ग्रुप और उसके निदेशकों की 450 एकड़ से अधिक जमीन और अन्य संपत्तियों सहित 110 करोड़ रुपये की अचल संपत्तियों को 15/12/2025 को अस्थायी रूप से कुर्क कर दिया है। pic.twitter.com/e8UqCfTMdH

— ED (@dir_ed) December 22, 2025

ED initiated an investigation on the basis of the First Information Report and charge-sheet filed by the Central Bureau of Investigation (CBI) under Sections of the Indian Penal Code, 1860 and the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. The FIR pertains to large-scale illegal deposit mobilisation by Prayag Group through unauthorised deposit schemes.
ED said its investigation revealed that "Prayag Group, mainly through its companies Prayag Infotech Hi-Rise Ltd and Prayag Infotech Network Pvt Ltd fraudulently collected a total amount of Rs 2,863 crore from 38,71,674 depositors by offering high returns through illegal deposit and money circulation schemes without any approval from Reserve Bank of India or Securities and Exchange Board of India (SEBI).
As on March 31, 2016, ED said, depositors' dues to the tune of Rs 1,906 crore (excluding interest) remain unpaid.
"ED investigation further revealed that the collected funds were not used for any legitimate business activities. Instead, the group operated a Ponzi-type scheme, wherein money from new investors was used to repay earlier investors, while a substantial portion of the funds was diverted for acquiring land, hotels, film city projects, takeover of companies, commission payouts to agents, advertisements, celebrity promotions, and personal enrichment of the promoters and their family members," pointed the agency.
The ED further said that "Basudeb Bagchi, Avik Bagchi and Swapna Bagchi, directors and promoters of Prayag Group, personally benefitted from the Proceeds of Crime by withdrawing funds in the guise of remuneration, acquiring immovable properties in their personal names, allotting shares to themselves without consideration, and routing funds to related entities."
A Prosecution Complaint in this case has already been filed by ED before the Special PMLA Court, and Basudeb Bagchi and Avik Bagchi are presently under judicial custody. (ANI)