The Enforcement Directorate (ED) has attached assets worth Rs 69.14 crore of Tamil Nadu-based businessman Dhanraj Kochar and his family members in connection with a case of cheating of more than Rs 100 crore, the agency said on Monday.
The attached properties include immovable assets as well as movable assets (in the form of fixed deposits and jewellery) to the tune of Rs 69.14 crore. The properties were attached under the Prevention of Money Laundering Act (PMLA), 2002.
The federal agency initiated a money-laundering investigation on the basis of the First Information Report (FIR) registered by Tamil Nadu Police against Dhanraj Kochar, his family members and associates under various sections of the Indian Penal Code (IPC) for cheating and criminal conspiracy of more than Rs 100 crore, the agency said.
The ED's fresh move followed after the agency on September 29 last year conducted a search operation at the residential and business premises and bank lockers of Kochar and his family members and seized Indian Currency, jewellery and various incriminating documents.
An investigation by ED revealed that one MS Hameed and Kochar along with one Abdul Rawoof were the Directors of a company DR Foundations and Estates Private Limited, which was into the real estate business.
During 2005-06, the ED said, properties in Siruseri village under the jurisdiction of Thiruporur Sub Registrar Office were purchased out of funds invested by Hameed and his family members and his business entity Paramount Builders into DR Foundations and Real Estates Private Limited.
"The properties were clandestinely transferred to the names of Kochar and his family members. Some properties were directly purchased in their names from the funds invested by Hameed in the company," said the ED, adding "some of the properties have also been sold in the interregnum."
In order to prevent further sale of the said properties, which are proceeds of crime and to prevent the frustration of further proceedings under PMLA, 2002, the ED said immovable properties and movable assets (in the form of FDs and Jewellery ) to the tune of Rs 69.14 crore of Dhanraj Kochar and his family members have been provisionally attached.
( With inputs from ANI )
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