The Enforcement Directorate (ED) has attached assets worth Rs 69.14 crore of Dhanraj Kochar, Tamil Nadu-based businessman and his family members under Prevention of Money Laundering Act (PMLA) in a cheating case.
The ED had initiated money laundering investigation on the basis of an FIR registered by City Crime Branch (CCB), Tamil Nadu Police against Dhanraj Kochar, his family members and associates under various sections of the Indian Penal Code (IPC) for cheating and criminal conspiracy of more than Rs 100 crore.
The ED had conducted a search operation on September 29 last year at the residential and business premises and bank lockers of Kochar and his family members and seized Indian currency and jewellery besides various incriminating documents.
Investigation by ED revealed that one MS Hameed and Kochar along with one Abdul Rawoof were the directors of a company –DR Foundations & Estates Private Limited, which was into real estate business. During 2005-06, the properties in Siruseri village under the jurisdiction of Thiruporur Sub Registrar Office, bifurcated in 20 property documents, were purchased out of funds invested by Hameed and his family members along with his business entity Paramount Builders, DR Foundations and Real Estates Pvt. Ltd. the ED said in a statement.
These properties were clandestinely transferred to the names of Kochar and his family members and some properties were directly purchased in their names from the funds invested by Hameed in the company.
“Some of the properties have also been sold in the interregnum. In order to prevent further sale of the said properties, which are proceeds of crime and to prevent frustration of further proceedings under PMLA, 2002, immovable properties and movable assets (in the form of FDs and jewellery ) to the tune of Rs 69.14 crore of Dhanraj Kochar and his family members has been provisionally attached,” it added.