ED attaches assets worth over Rs 8cr in PMLA case

The Enforcement Directorate (ED) on Thursday said it has attached immovable properties worth over Rs 8 crore belonging to late Subhash Dudani and his family members, associates and companies in connection with a case pertaining to money laundering.

Dudani, along with his associates, was allegedly operating an international drug racket, in partnership with late Ronny Jonny Smith – an African drug smuggler.

An investigation is underway into matters related to manufacture and sale of methaqualone tablet — a prohibited psychotropic substance.

Investigation in this case was initiated by the ED on the basis of the chargesheet filed by the Directorate of Revenue Intelligence, Jaipur against Dudani and his associates under sections 22C, 23C, 25, 25A, 27A and 29 read with sections 2, 8 and 8A of NDPS Act.

Dudani had set up separate units at Udaipur, Kandla and Nagpur for manufacturing, transporting and illegal smuggling of methaqualone tablets to African countries in the guise of exporting, devising different modus operandi on each occasion.

Based on the evidence and materials gathered during the investigation, it has been established that Dudani and others generated proceeds of crime through the sale of illegal drugs while simultaneously setting up CDRs/DVDs manufacturing unit and other trading entities in Dubai, Hong Kong, Kenya and London — either in his name or his associates as ‘front businesses’ for laundering the proceeds from the sale of drugs.

The proceeds of crime earned out of the illegal sale of these drugs abroad, mainly in African countries were introduced to various companies floated by him in UAE and Hong Kong.

Subsequently, these funds were transferred to his Indian NRE/NRO accounts, and to the bank accounts of his associates and companies in India at Udaipur and Mumbai.

Besides, according to ED, cash was also brought in through various hawala channels to India.

The money, apart from being invested in various companies to further his narcotics business, was also used to purchase various properties in his name, as well as his associates, family members and companies.

“Multiple immovable properties in Mumbai and Udaipur in various names have been identified as proceeds of crime during the course of investigation. Eighteen immoveable properties have been attached by ED of which six are located in Mumbai and 12 in Udaipur,” the ED said.

20221020-230802

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here