Tamil Nadu: ED attaches over 1,000 immovable property of a agency for defrauding public

New Delhi: Enforcement Directorate (ED) has provisionally connected 1081 immovable Properties measuring round 3850 acres situated in  Madurai, Ramanathapuram and Chennai in Tamil Nadu totaling to ₹ 207 Crores  below the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) in a case associated to defrauding public within the guise of funding. These connected property are registered within the names of M/s Disc Assets Lead India Limited, M/s Eagles Eye Real Estates, M/s Meadow Realtors and its key managerial individuals.
ED initiated investigation on the premise of FIR registered by the Economic Offences Wing of the Tamil Nadu Police below Sections 120B & 420 of IPC, 1860. M/s. Disc Agrotech Limited @ Disc Asset Promoters India Limited @ Disc Asset Lead India Limited which was included within the 12 months 2006 having V.Janarthanan, N.Umashankar, N.Arun Kumar, C.Srinivasan, T.Shyamchander and S.Jeevalatha as administrators, had collected cash in installments from the general public residing in varied elements of Tamil Nadu, Kerala promising them lands in return.

Investigation below PMLA revealed that the administrators of the corporate had floated many different entities like 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 to avoid the authorized impediments of the SEBI Act. The complete cash collected by this firm quantities to round ₹ 1273 Crores.

Investigation below PMLA additional revealed that the invested quantity collected from the depositors was utilized in buy of immovable properties in Tamil Nadu within the identify of the corporate, its administrators and different unrelated entities. Major portion of the collected quantity was siphoned off by the administrators of the accused firm by way of entities which have been floated by them with their shut relations as administrators/companions. The accused individuals had cheated its depositors by neither allotting them land nor returning their funding. The administrators/ key managerial individuals specifically N. Umashankar @N.M.Umasangarr,  N. Arun kumar @ N. Arun,  V. Janarthanan and A. Saravana kumar have been arrested for his or her involvement within the offense of cash laundering. Now, the immovable properties amounting to ₹ 207 Crores within the kind 3850 acres of land bought out of the proceeds of crime are provisionally connected below PMLA.
Further investigation is in progress.