ED attaches shares worth Rs 452 crore of ITPCL held by British national

New Delhi: The Enforcement Directorate (ED) has attached shares amounting to ₹ 452 crores belonging to a Singapore based shell company, owned by a British National Jaimin Vyas. The attached assets are in the form of 8.86 % shares of ILFS Tamil Nadu Power Company Limited (ITPCL), presently worth around ₹ 452 crores.

ED initiated investigation under Prevention of Money Laundering Act (PMLA) on the basis of FIR. Investigation was also conducted by Serious Fraud Investigation office (SFIO) and criminal complaint was filed by SFIO against IL&FS Financial Services (IFIN).

Investigation under PMLA revealed that there was well planned conspiracy to defraud IL&FS and Indian Banks by Jaimin Vyas in connivance with official on IL&FS and one Chinese EPC Contractor namely M/s SEPCO III.

Earlier, ED has attached movable and immovable properties of committee of directors of IFIN totaling to ₹ 126 crores, and movable and immovable properties of two defaulter loanee of IFIN namely M/s SIVA Group and M/s ABG Group totaling to ₹ 1400 crores.