India’s Enforcement Directorate (ED) has attached assets worth ₹496 million ($6.03m) of a businessman and his family members under the country’s AML/CFT law in a cheating case. The ED had previously attached ₹691.40 million ($8.40m) in this case, bringing the total attached assets to ₹1.19 billion ($14.43m).
In 2021, the ED conducted search operations at residential and business premises and bank lockers of the businessman and his family members. The authorities seized currency, jewellery, and various documents.
The businessman was one of three directors of a real estate company called D R Foundations & Estates Private Limited (DRFEPL). During 2005-06, several properties were purchased in Tamil Nadu’s Siruseri village using the funds invested by another director and his business entity into DRFEPL. The ownership of these properties was secretly transferred to the accused businessman and his family members. Some other properties were directly purchased in their names from the funds invested by the other director in the company. The accused and his family have similarly duped several other people.
Source: Enforcement Directorate, India