Enforcement Directorate officials of Hyderabad on Friday attached properties worth over Rs.4.12 crore belonging to two companies in a multi-level-marketing case facing charges of cheating.
The properties belonging to M/s Moonlife Teamworks India Private Limited, its managing director P. Narayanachary and M/s Sri Chandra Farms and Resorts India Limited were attached in a multi-level-marketing case. The ED officials, in a press release, stated that the properties were attached under the Prevention of Money Laundering Act following a charge-sheet filed by the Hyderabad Central Crime Station against the two companies.
Investigation revealed that Moonlife company, its MD and others wrongfully gained Rs.4.12 crore through multi-level-marketing in the name of selling residential plots, they said. Out of this sum, Rs.1.90 crore were transferred to Sri Chandra Farms and Resorts India Limited.
