The Directorate of Enforcement (ED) has attached bank deposits, shares and four immoveable properties worth Rs. 96.02 crore in the Emaar Properties case under the Prevention of Money Laundering Act (PMLA). The fresh action is in addition to the attachment of properties valued at Rs. 71 crore in 2012.
In its provisional attachment order (No. 03/2014) dated November 21, the ED authorities stated that the decision to attach the properties was taken based on the evidences gathered during their investigation by its Hyderabad zonal office in the enforcement case information report (ECIR) against Emaar Hills Township Pvt. Ltd (EHTPL) and others.
The ED authorities stated that Rs. 20 crore fixed deposits in Andhra Bank held by Southend Projects & Foundations Pvt. Ltd, shares worth Rs. 25.21 crore held by Indukuri Syam Prasad Reddy in Indu Projects Limited and 36.14 acres lands worth Rs. 12.83 crore held by Koneru Pradeep in Bilkal and Mallikarjunagiri villages in Ranga Reddy district were attached.
Besides, 14 unsold plots admeasuring 14,624 square yards worth Rs. 36.56 crore in Emaar Township held by EHTPL, 2,057 square yards land worth Rs. 1.03 crore held by Stylish Homes Real Estates Pvt. Ltd in Gachibowli and 4.8 acres land worth Rs. 13.1 crore held by EHTPL in Nanakramguda were also attached, according to an official release by ED.
The ECIR against EHTPL was registered based on the charge sheet filed by Central Bureau of Investigation (CBI). The CBI had charged that EHTPL and others had collected excess amounts in cash from buyers of plots in Emaar Township and not accounted in their account books. Further, they had not shared the revenue with APIIC.
In the ED’s investigation against EHTPL, Koneru Rajendra Prasad, former Director of EHTPL, T. Ranga Rao of Stylish Homes and N. Sunil Reddy, former Director of Southend Projects, it was revealed that the four persons/agencies had collected excess amounts to the extent of Rs. 96.02 crore in cash from the sale of villa plots in Emaar Township and shared it among themselves.
The initial attachment of properties worth Rs. 71 crore has already been confirmed by the Adjudicating Authority and their possession was taken over by the ED.
