Lucknow (Uttar Pradesh) [India], October 1 : The Directorate of Enforcement (ED), Lucknow Zonal Office, on Tuesday provisionally attached properties valued at Rs 4.33 Crore under the Prevention of Money Laundering Act (PMLA), 2002.
The attached asset, a residential plot of 781.78 square yards located in Rosewood City, Gurgaon, is owned by M/s J.R. Sood and Co. Pvt. Ltd., who was purportedly connected to the Axis Bank fraud case.
According to an official statement, ED initiated the investigation based on an FIR registered by Gautam Buddh Nagar Police under various sections of IPC, 1860.
It was alleged in the FIR that unknown persons forging the documents and identities had opened bank accounts and used them to deposit demonetised bank notes, which were subsequently transferred to their actual entities through multiple layering.
The investigation also revealed that 23 bank accounts of 23 shell companies were used to deposit demonetised currency and a huge amount of demonetised currency worth Rs 52 Crore was routed through. The money so deposited was layered and routed multiple times in a series of suspicious transactions to send to the ultimate destination by camouflaging the same as genuine business transactions.
ED investigation has revealed that out of the many entities', M/s J.R. Sood and Co. Pvt Ltd was one of the ultimate beneficiaries of the deposited money. ED attached property worth Rs 4.33 Crore in the form of a residential plot belonging to M/s J.R. Sood and Co. Pvt. Ltd.
Further investigation is under progress.