Business News | ED Attaches Rs 1.12 Crore Property in Algo Academy Case
Get latest articles and stories on Business at LatestLY. The Directorate of Enforcement (ED) has provisionally attached moveable properties worth Rs 1.12 crore in the form of bank accounts, term deposit, shares in DEMAT accounts belonging to various accused persons and their entities in respect of Algo Academy case under the Prevention of Money Laundering Act (PMLA), according to an official statement released on Monday.
New Delhi [India], August 8 (ANI): The Directorate of Enforcement (ED) has provisionally attached moveable properties worth Rs 1.12 crore in the form of bank accounts, term deposit, shares in DEMAT accounts belonging to various accused persons and their entities in respect of Algo Academy case under the Prevention of Money Laundering Act (PMLA), according to an official statement released on Monday.
ED initiated a money laundering investigation on the basis of an FIR registered by Banderdewa Police Station, Arunachal Pradesh, under various sections of IPC, 1860 against Algo Academy and unknown persons, the Directorate of Enforcement said in a statement.
Scrutiny of the said FIR revealed that the gullible persons of Arunachal Pradesh were lured by the accused persons to invest to get falsely projected high returns. Charge sheets have also been filed by Police.
The investigation by ED revealed that part of the Proceeds of Crime so generated by the accused persons have been layered by transferring the amount to various bank accounts and thus used banking channels to conceal the actual origin of tainted money.
Also Read | Maharashtra Cabinet Expansion Likely on Tuesday, Hints CM Eknath Shinde.
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 the balances in 17 bank accounts in the name of suspected persons and their entities, maintained with numerous banks. Further investigation is in progress, the enforcement agency said. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)