The Enforcement Directorate has provisionally attached fixed deposits of over Rs. 51 crore belonging to former managing director of First Leasing Company of India Ltd (FLCIL) Farouk Irani. The deposits are in the name of his family members and Irani Family Maintenance Trust.
Irani, known as father of the leasing sector, was arrested on Tuesday, by the Chennai Zonal office of the Enforcement Directorate, under the provisions of Prevention of Money Laundering Act (PMLA), 2002. He is currently under judicial remand at Phuzal Central Prison.
According to an official from the Directorate of Enforcement, “The investigation conducted so far disclosed that Farouk Irani, the erstwhile Managing Director of FLCIL, is instrumental in the entire fraud, and in the process, he enriched himself to the tune of about Rs. 100 crore.”
A statement issued by the Directorate of Enforcement revealed that during the course of investigations, simultaneous searches were conducted on his residential premises in Chennai and the premises of his two daughters in Mumbai, which resulted in recovery of fixed deposits of about Rs. 51 crore in his name and in the name of his wife, daughters and Irani Family Maintenance Trust.
“Considering the material available on record and on the reasonable belief that the said fixed deposits are related to the proceeds of crime, the said deposits of over Rs. 51 crore were attached provisionally on June 16, 2016, under the provisions of Prevention of Money Laundering Act,” added the statement from the directorate.
They are in the name of his family members and Irani Family Maintenance Trust
