Reportedly, the properties were attached under the Prevention of Money Laundering Act (PMLA), 2002.
Digital Desk: The Enforcement Directorate (ED) has attached Saradha Group of Companies' assets worth 6.28 crore in Assam for conducting illegal Ponzi schemes and duping common citizens, the agency announced on Friday.
Reportedly, the properties were attached under the Prevention of Money Laundering Act (PMLA), 2002.
The Enforcement Directorate launched a money-laundering investigation against various Saradha Group companies based on various First Information Reports and charge sheets lodged by various law enforcement agencies under Section 120B (criminal conspiracy) and Section 420 (cheating) of the Indian Penal Code (IPC).
An investigation by the ED revealed that various Saradha Group companies had invested in numerous movable and immovable properties to launder the financial crimes.
Further, ED stated that the overall Proceeds of Crime (POC) identified in the case till now is 41.46 crore. The investigating agency also added that one provisional attachment order attaching five immovable properties worth 4.35 crore was issued earlier and confirmed by the adjudicating authority.
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