Shabnam Kaur, mother of Indian cricketer Yuvraj Singh has lost money in Ponzi fraud. As per reports, she had invested around Rupees 1 crore but couldn't recover the whole amount. Kaur has lost around 50 lakh in the scheme.
A complaint has been registered by the ED under the Prevention of Money Laundering Act. No arrests have been made so far in the case.
As per a Mumbai Mirror report, Kaur has been asked to submit the documents related to the transaction and also describe her purpose of investment.
The report further suggests that the scheme managers linked to a firm called Sadhna Enterprises had promised Yuvraj's mother an 84% annual return on the investment.
This is not the first time, earlier, cricketer Rahul Dravid and badminton player Saina Nehwal had also lost Rs 15 crore and 75 lakh respectively.
Even former Badminton player Prakash Padukone is among 800 others who were looted in this fraud scheme. They were deceived by a firm called Vikram Investment Company according to the Bengaluru City Police.