CHENNAI: The Enforcement Directorate (ED) on Wednesday conducted searches on several premises linked to R Premkumar, founding member and chairman of Bharath Lajhna Multi State Housing Co-operative Society (BLM) in Chennai and across Kerala in connection with an alleged money laundering case. He was recently arrested in Chennai.
In Chennai, searches were conducted at Koyambedu, Virugambakkam, Vepery, Lakshmipuram and Vanagaram, sources said. The search and investigation follows a case registered by the Kerala Crime Branch under the Bharatiya Nyaya Sanhita.
Premkumar allegedly diverted several crores of rupees collected from depositors into bank accounts belonging to his family members and acquired around 500 acres of land in Tamil Nadu. The suspected proceeds of crime are estimated to exceed Rs 80 crore, based on allegations in the Kerala Crime Branch FIR.
BLM, in a press release, denied the allegations against Premkumar, claiming its former CEO Naveen had filed an affidavit before the Kerala High Court stating the complaint arose out of a misunderstanding and that he had no objection to quashing the FIR. The society also maintained that it had been regularly repaying depositors and that its accounts were audited annually.
Rs 14 crore properties attached in investment fraud
The ED has provisionally attached assets worth Rs 14.16 crore in an alleged cryptocurrency investment fraud involving Pan India Crypto Currency (Hashpe). In a release on Wednesday, the ED said the attached assets include immovable properties in TN, Haryana and New Delhi, a luxury car and bank account balances. The ED said the scheme had mobilised approximately Rs 112.91 crore from investors by promising daily returns of 1% and other incentives.