ED attaches assets of a businessman worth over ₹49.6 crore

This is the second attachment in the case, since ₹69.14 crore had already been attached by the ED earlier this year taking the total attachment in the case to ₹118.74 crore

October 03, 2022 08:47 pm | Updated 08:47 pm IST - CHENNAI

The Directorate of Enforcement (ED) has attached assets worth ₹49.60 crore of Dhanraj Kochar, a businessman and his family members under Prevention of Money Laundering Act (PMLA), 2002, in a cheating case.

The ED initiated investigation into money laundering on the basis of an FIR registered by Central Crime Branch of Greater Chennai City Police against Dhanraj Kochar, his family members and associates under various sections of IPC for cheating and criminal conspiracy. The ED conducted search operations last year on residential and business premises and in bank lockers of Dhanraj Kochar and his family members and seized Indian currencies, jewellery and various incriminating documents.

Investigations by the ED revealed that one M.S.Hameed and Dhanraj Kochar, along with one Abdul Rawoof, were the directors of a company — D. R. Foundations & Estates Private Limited, which was into real estate business. In 2005-06, properties in Siruseri village under the jurisdiction of Thiruporur Sub Registrar Office were purchased out of funds invested by Hameed, his family members and his business entity Paramount Builders into D. R. Foundations and Real Estate Pvt. Ltd. They were clandestinely transferred to Dhanraj Kochar and his family members and some properties were directly purchased in their names from the funds invested by Hameed in the company.

Further investigation of the documents seized from the search revealed that several people have been cheated by Dhanraj Kochar and his family. In order to prevent alienation of the proceeds of the crime and to prevent frustration of further proceedings under PMLA, 2002, immovable properties and movable assets to the tune of ₹49.60 crore, including cash of ₹1.16 crore and jewellery worth ₹12.68 crore have been provisionally attached, the ED said.

The ED also said this is the second attachment in the said case, since ₹69.14 crore has already been attached by the ED earlier this year taking the total attachment in the case to ₹118.74 crore. Further investigation is in process.

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