CHENNAI: The ED’s Chennai zonal office on Friday said they have provisionally attached movable and immovable properties valued at Rs 121.8 crore in a case under PMLA against Neomax Properties Private Ltd and its group companies.
ED said the case was initiated based on an FIR registered by Economic Offences Wing (EOW), Madurai, against Neomax and its group companies Garlando Properties, Transco Properties Private Ltd., Tridas Properties Private Ltd, Glowmax Properties Private Ltd and its directors/shareholders viz Kamalakannan, Balasubramanian, Veerasakthi, Charles and others.
This was after they allegedly cheated several investors into depositing lakhs of rupees in various projects (real estate plot development) by promising high returns of up to 12% to 30% interest, ultimately cheating them by not giving the promised returns/plots.
Sources from the enforcement directorate said that Neomax Group owes around Rs 8,000 crore, including the promised returns to the depositors/investors. They avoided repayment and instead forced/allured the depositors to redeposit their maturity amount, the agency said.
The market value of the attached properties is around Rs 600 Crore.