New Delhi: The Enforcement Directorate (ED) has arrested four persons, including CMD and Directors of a firm for money laundering in a case related to collective investment scheme fraud of over Rs 1,100 Crores.
ED initiated investigation under Prevention of Money Laundering (PMLA) against M/s. Disc Assets Lead India Limited, Chennai and others based on FIR registered by Economic Offence Wing, Tamil Nadu Police on the basis of a complaint received from public.
M/s. Disc Assets Lead India Limited, Chennai 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.
SEBI had initiated inquiries against the Company, stating that they were doing business of collective investment scheme for which SEBI’s permission was not taken. Then, the Company in order to circumvent these SEBI provisions, started collecting money from the customers through another Company by name M/s. Dal Marketing Solutions Limited. The amount declared to be collected by the Company from the customers was Rs. 1, 137 Crores. But lots of inconsistencies were found between the data submitted by the Directors and the data from the banks.
Investigations under PMLA revealed that, the amounts collected have been diverted in the form of investment in various subsidiaries, Royalty, donations, land advance, commission etc. to many entities in which their immediate family members, close relatives, employees of DISC were the Key Managerial Personnel. Based on the investigations conducted so far four key persons were arrested for their involvement in the offence of Money Laundering. Those arrested were identified as CMD of the company N.M.Umashankar, Director of the firm N. Arunkumar, V. Janarthanan and Saravanakumar, Director of M/S. Dal Marketing Solutions.
The accused were produced before Sessions Court, Chennai and were remanded to judicial custody for 14 days.