In a major development in one of Manipur’s largest financial fraud cases, the Enforcement Directorate (ED) has filed a Supplementary Prosecution Complaint (SPC) against Birla Emporium, its director Yumnam Irabanta Singh, and others for allegedly orchestrating a massive ₹250 crore investment scam that defrauded over 5,000 investors.
The move comes in response to multiple criminal cases earlier registered by the Manipur CID (Crime Branch) against Singh, who also headed another entity named Ira Finance. According to ED officials, Singh ran a fraudulent deposit scheme between 2019 and 2021, luring investors with promises of high returns but ultimately misappropriating funds for personal gain.
Key Findings and Allegations by the ED
| Aspect | Details |
|---|---|
| Main Accused | Yumnam Irabanta Singh, Director, Birla Emporium and Ira Finance |
| Period of Scam | 2019–2021 |
| Total Amount Involved | ₹250+ crore |
| Victims | Over 5,000 investors |
| Modus Operandi | Promised high returns on deposits; diverted funds; ran unauthorized operations |
| Loan Fraud | Issued “Loan Against Property”; transferred pledged assets via sale deeds |
| Collapse of Scheme | Early 2020; investors not repaid; company shut down |
| Assets Acquired | 85 immovable properties using proceeds of crime |
| Provisional Attachment | Assets worth ₹28.02 crore (movable & immovable) attached |
| Legal Action | Supplementary complaint filed under PMLA on June 6, 2025 |
Property Grab Through Loan Scam
Investigations revealed that the companies offered “Loan Against Property” schemes, which were later used to seize the pledged properties unlawfully. In several instances, these properties were transferred to employees and company directors through sale deeds, dispossessing the rightful owners.
Legal Proceedings and Future Action
The ED has filed the supplementary complaint before a special Prevention of Money Laundering Act (PMLA) court, seeking the confiscation of attached properties. Officials say further action is likely as more evidence is being gathered.
This case underscores growing concerns about unregulated investment schemes in northeastern states, prompting calls for stricter financial oversight and investor awareness.