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Economic Fraud

Enforcement Directorate Attaches Assets Worth Rs 185 Cr of Frost International



Assets Worth Rs 185 Cr of Frost International Attached Enforcement Directorate

NEW DELHI: The Enforcement Directorate said on Wednesday that it has attached M/s Frost International Ltd’s immovable properties worth more than Rs 185 crore for money laundering.

According to an ED official, the agency has attached immovable properties worth more than Rs 185 crore of Frost International Ltd, its group companies Globiz Exim Pvt Ltd, NSD Nirman Pvt Ltd, and RS Builders, as well as the company’s promoters and directors, under the provisions of the Prevention of Money Laundering Act (PMLA).

According to officials, immovable assets worth more than Rs 185 crores have been attached in Kanpur, New Delhi, Gurugram, Mumbai, Kolkata, and Tamil Nadu, among other places. These are in the name of M/s Frost International Ltd., its group companies, the promoter/director, and their family members.

The action by the ED came after they initiated money laundering investigation on the basis of FIR filed by CBI on January 19, 2020.

According to the Directorate, the facts, evidences, and documents conclusively shows that M/s Frost International Limited and its group companies committed money laundering and diluted the proceeds of crime available with the company to various other business-related and non-related entities.

It has also been discovered that they misappropriated bank cash for the purpose of acquiring assets in the name of the Frost group of companies and affiliated persons/entities.

During the investigations statements, documents from various authorities including banks, district property registration authorities have been collected and placed on record.  The officials said that further investigations are on.

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