The Enforcement Directorate (ED) on Monday said it has attached bank deposits and shares worth Rs 1.12 crore in connection with a money laundering probe linked to a case of cheating people in Arunachal Pradesh after promising high returns on investments.
The agency issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA) against Algo Academy and some others, the agency said.
"Proceeds of crime generated by the accused have been layered by transferring amount to various bank accounts and thus (the accused) used banking channels to conceal the actual origin of tainted money.
Investments in two demat accounts and a term deposit, linked with the bank accounts of the suspected persons, were also identified and attached along with balances in 17 bank accounts in the name of suspected persons and their entities, maintained with numerous banks," the ED said in a statement.
The money laundering case stems from a police FIR registered by Banderdewa station in Papum Pare district of State against Algo Academy and unknown persons.