ED attaches 1,081 properties aggregating 3,850 acres in Tamil Nadu

New Delhi: The ED has attached as many as 1,081 immovable properties aggregating 3,850 acres of land spread over Chennai, Madurai and Ramanathapuram and Chennai under the provisions of the Prevention of Money Laundering Act (PMLA).

The attached assets are worth Rs 207 crore in value and are in the name of Disc Assets Lead India, Meadow Realtors and Eagles Eye Real Estate. 

The Tamil Nadu Police has commenced an investigation against these companies and its  directors N Umashankar, V Janarthanan, C Srinivasan, N Arunkumar, T Shyamchander and S Jeevalatha long back in 2006. These directors had collected money from various people in Kerala and Tamil Nadu on the pretext of purchasing land for them. 

The Police had registered an FIR under sections 120B and 420 of the IPC against these companies and they promoters. 

A probe found out that the directors of these firms floated many other financial entities like Aiyan Marketing Solutions and Dal Marketing Solutions Pvt Ltd and to take money on behalf of Disc Assets Lead India Ltd to avoid the legal provisions of the SEBI Act.

A large portion of the amount collected from depositors by these companies was siphoned off by the directors, a statement by ED said. 

 

menu
menu