Tuesday, June 18, 2024

ED attaches properties worth Rs 6.79cr in money laundering case

The Enforcement Directorate (ED) on Wednesday said that it attached immovable and movable assets to the tune of Rs 6.79 crore of Micro Finance Ltd., Micro Leasing & Funding Ltd., Micro construction Pvt. Ltd., its directors and others in connection with a case of alleged cheating of the public by way of raising illegal public deposits.

The ED said that it attached the properties under the provisions of the Prevention of Money Laundering Act (PMLA) which include bank balances worth around Rs 75 lakh and immovable assets worth Rs 6.04 crore situated in the states of Odisha, Gujarat, Chhatisgarh, Rajasthan pertaining to Micro Finance Ltd., Micro Leasing & Funding Ltd., Micro construction Pvt. Ltd., its directors namely Durga Prasad Mishra, Upendranath Mishra, Baikunthnath Patanaik, Suresh Ch Parida, Mahavir Dairy and Agro Processors Ltd., A.M. Enterprises and Gauri Vinayak Builders & developers Pvt. Ltd.

The ED case is based on the investigation under PMLA on the basis of FIR and chargesheet filed by CBI.

ED investigation revealed that Micro Finance Ltd. and Micro Leasing & Funding Ltd. represented through its directors had allegedly, collected public deposits illegally by floating many alluring schemes and subsequently concealed the same by way of investment in properties and layering of funds into other group companies such as Micro Constructions Pvt. Ltd.

The ED said that funds were also diverted to Nandini Kalinga Dairy Ltd. (sister concern of Mahavir Dairy & Agro Processors Ltd.), A.M. Enterprises and Gauri Vinayak Builders & developers Pvt. Ltd.

Earlier, ED had attached properties to the tune of Rs 218 crore belonging to Micro Finance Ltd. and others which were subsequently confirmed by the Ld. Adjudicating Authority PMLA.

ED had also filed chargesheet against the company and others on August 31, 2020 and a supplementary chargesheet on December 26, 2022.

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