Money-laundering: Immovable properties of T.N. firms attached

The Enforcement Directorate has attached 1,081 immovable properties value ₹207 crore in Chennai, Madurai and Ramanathapuram, in reference to a case involving Disc Assets Lead India Limited and others for allegedly dishonest buyers of ₹1,273 crore.

The property unfold throughout 3,850 acres are within the title of Disc Assets Lead India, Eagles Eye Real Estates, Meadow Realtors and their key managerial functionaries. They have been attached as half of the money-laundering probe based mostly on an FIR registered by the Economic Offences Wing of the Tamil Nadu police, mentioned the company.

According to the ED, Disc Agrotech Limited — also called Disc Asset Promoters India Limited and Disc Asset Lead India Limited — was integrated in 2006. It is alleged that its administrators, V. Janarthanan, N. Umashankar, N. Arun Kumar, C. Srinivasan, T. Shyamchander and S. Jeevalatha, collected funds in instalments from a big quantity of folks in numerous components of Tamil Nadu, promising them land in return.

The ED probe revealed that the corporate administrators had floated a number of different entities, together with Dal Marketing Solutions Private Limited and Aiyan Marketing Solutions Private Limited, to gather cash from the general public on behalf of Disc Assets Lead India Limited by circumventing the authorized impediments of the Securities and Exchange Board of India Act. They collected ₹1,273 crore.

The funds have been used to purchase immovable properties in Tamil Nadu, within the title of the corporate, its administrators and different unrelated entities. A significant portion was siphoned off by way of the entities floated by them with their shut kin as administrators or companions.

“The accused persons cheated its depositors by neither allotting them land nor returning their investment,” mentioned the company, including that N. Umashankar, N. Arun kumar and A. Saravana Kumar have been earlier arrested within the money-laundering case.