New Delhi, Dec 10 (UNI) The Enforcement Directorate (ED) on Thursday said it has got 14-day custody of four persons from the Chennai Court for their involvement in the offence of money laundering under the Prevention of Money Laundering Act (PMLA), 2002 in a case related to collective investment scheme fraud of over Rs 1100 crore.
The accused were identified as M Umashankar, Arunkumar aka N Arun, V Janarthanan and Saravan Kumar, office bearers of Dal Marketing Solutions.
The Central financial probe agency initiated investigation under PMLA against Disc Assets Lead India Limited, Chennai and others, based on an FIR registered by the Economic Offence Wing, Tamil Nadu Police under Sections 420 and 120B of IPC, on the basis of a complaint received from public.
The 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.
The Securities and Exchange Board of India (SEBI) had initiated inquiries against the Company, stating that they were doing business of collective investment scheme, for which it’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 the name of Dal Marketing Solutions Limited.
The amount, declared to be collected by the company from the customers was Rs 1137 crore, 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 amount collected have been diverted in the form of investment in various subsidiaries, Royalty, donations, land advance and commission to many entities, in which their immediate family members, close relatives, employees of DISC were the Key Managerial Personnel of the CMD of Disc Assets Lead India Limited, the ED said, adding that further investigations in this case were under progress
