New Delhi: Enforcement Directorate (ED) has provisionally attached 1081 immovable Properties measuring around 3850 acres located in Madurai, Ramanathapuram and Chennai in Tamil Nadu totaling to ₹ 207 Crores under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) in a case related to defrauding public in the guise of investment. These attached assets are registered in the names of M/s Disc Assets Lead India Limited, M/s Eagles Eye Real Estates, M/s Meadow Realtors and its key managerial persons.
ED initiated investigation on the basis of FIR registered by the Economic Offences Wing of the Tamil Nadu Police under Sections 120B & 420 of IPC, 1860. M/s. Disc Agrotech Limited @ Disc Asset Promoters India Limited @ Disc Asset Lead India Limited which was incorporated in the year 2006 having V.Janarthanan, N.Umashankar, N.Arun Kumar, C.Srinivasan, T.Shyamchander and S.Jeevalatha as directors, had collected money in installments from the public residing in various parts of Tamil Nadu, Kerala promising them lands in return.
Investigation under PMLA revealed that the directors of the company had floated many other entities like Dal Marketing Solutions Private Limited and Aiyan Marketing Solutions Private Limited to collect money from the public on behalf of Disc Assets Lead India Limited to circumvent the legal impediments of the SEBI Act. The total money collected by this company amounts to around ₹ 1273 Crores.
Investigation under PMLA further revealed that the invested amount collected from the depositors was utilized in purchase of immovable properties in Tamil Nadu in the name of the company, its directors and other unrelated entities. Major portion of the collected amount was siphoned off by the directors of the accused company through entities which were floated by them with their close relatives as directors/partners. The accused persons had cheated its depositors by neither allotting them land nor returning their investment. The directors/ key managerial persons namely N. Umashankar @N.M.Umasangarr, N. Arun kumar @ N. Arun, V. Janarthanan and A. Saravana kumar were arrested for their involvement in the offense of money laundering. Now, the immovable properties amounting to ₹ 207 Crores in the form 3850 acres of land purchased out of the proceeds of crime are provisionally attached under PMLA.
Further investigation is in progress.
