ED attaches 30 flats worth Rs 15 cr in PMLA case
New Delhi: The Enforcement Directorate on Wednesday attached 30 flats of one JKV Land Developers and Infrastructure in Lucknow's Adil Nagar, worth around Rs 15 crore, in connection with a money-laundering case, it is currently pursuing.
The company had allegedly collected money from members of the public, promising them unrealistic returns on their investments and diverted the amount to construct a building with 30 flats, valued at around Rs 15 crore.
According to the probe agency, the company's Managing Director Rajesh Kumar Singh had purchased two plots in Adil Nagar with the money collected from the general public and subsequently constructed a multi-storied residential building with 30 flats.
The ED has found that while 24 of the flats were registered to JKV Land Developers and Infrastructure themselves, the remaining six were registered to Singh.
"JKV Land Developers and Infrastructure Ltd and Rajesh Kumar Singh had taken money from investors promising lucrative returns in the form of money or land but had illegally invested the said money for acquiring properties in his name," the agency said in a statement. Further, the ED has alleged that the company was not even registered with the RBI as a non-banking financial company as defined in the RBI Act of 1934. Moreover, it was found that the company was operating different schemes and accepting deposits from the general public with guaranteed returns "in clear violation of extant law", the probe agency said.
The ED had started investigations under PMLA based on an FIR registered by the UP Police against the company and Singh, where it was alleged that a large amount of money was collected from unsuspecting investors with the promise of high returns in the form of money or land.
The central agency's probe into the case eventually revealed that the money collected from members of the general public was diverted and illegally used to purchase properties in Singh's name.
The probe agency added that further investigations are underway and efforts to attach other properties involved in money-laundering and prosecute involved persons are in full swing.
