The Enforcement Directorate (ED) has arrested four directors/key managerial persons of Disc Assets Group in a money laundering case for defrauding the public of over Rs 1,100 crore in a ‘Collective Investment Scheme’. The ED had initiated investigation under PMLA based on FIR registered by Economic Offences Wing of Tamil Nadu Police.
The ED probe revealed that Disc Assets Lead India Limited and others collected money amounting to over Rs 1,100 crore from gullible public promising land/money with higher interest in return.
“The money thus collected was diverted in guise of investment in subsidiaries, as payment of royalty to directors/family members of directors of company, as dividends and as diversion to unrelated entities,” the ED said in a statement. The ED has also attached 1,081 properties worth Rs 207 crore of the group entities. The accused persons had filed a Special Leave Petition (SLP) before Supreme Court against the order of the Madras High Court dismissing their bail petition. The SLP by accused persons was dismissed by apex court on February 25.
Following SC order dismissing SLP, the ED arrested four persons on March 5 based on non-bailable warrants issued by Principal Special Judge for CBI Cases, Chennai that remanded four arrested accused persons to judicial custody.