The Enforcement Directorate (ED) has arrested four persons for their alleged involvement in a money laundering case related to an investment fraud of over Rs 1,100 crore.
The accused belongs to firm Disc Assets Lead India Limited, were on Thursday produced before Sessions Court, Chennai and were remanded to judicial custody for 14 days.
The four people include company’s CMD N M Umashankar, company’s directors N Arunkumar and Saravanakumar and company’s MD V Janarthanan.
ED has initiated investigation under Prevention of Money Laundering Act, 2002, against Disc Assets Lead India Limited, Chennai and others based on FIR registered by Tamil Nadu Police’s Economic Offence Wing.
The company allegedly collected money under various schemes, stating that the customers would pay a fixed amount every month for a fixed period by the end of which they were promised lands. But the company defaulted and no lands were allotted.
Earlier during November 2019 Expressing dissatisfaction over the investigation and noting that the default amount indicated in the chargesheet may not reflect the correct amount.,
The Madras HC then directed the DSP (Economic Offences Wing), Madurai, to hold fair and quality investigation in the case relating to Disc Assets Lead (India) Limited, which cheated the depositors to the tune of Rs 760 crore by collecting Rs 1,137 crore from 10.40 lakh depositors.
A division bench comprising Justices M. Sathya-narayanan and N. Sesha-sayee also directed the Additional Director General of Police (EOW), Madurai, to monitor the case and hereafter, shall file status reports as to the progress made in the further investigation.