CHENNAI: The Enforcement Directorate (ED) on Monday said it has attached assets worth Rs 69.14 Crore of Tamil Nadu-based businessman Dhanraj Kochar, and his family members under Prevention of Money Laundering Act (PMLA), 2002 in a cheating case.
ED initiated money laundering investigation on the basis of FIR registered by Central Crime Branch, TN Police against Kochar, his family members and associates under various sections of IPC for cheating, criminal conspiracy etc. of more than Rs 100 crore.
ED conducted search operations on September 29, 2021 at the residential and business premises and bank lockers of Dhanraj Kochar and his family members and seized Indian currency and jewellery and various incriminating documents, according to a release.
According to an investigation by ED, M S Hameed and Kochar along with one Abdul Rawoof were the Directors of a company - D R Foundations & Estates Private Limited, which was into real estate business. During 2005-06, properties in Siruseri village under Thiruporur (Chengalpattu) sub-registrar office were purchased out of funds invested by Hameed, his kin and business entity Paramount Builders into DR Foundations and Real Estates Pvt. Ltd. These properties were “clandestinely” transferred to Kochar and his family members, ED stated.
ED said some properties were ‘directly purchased’ in the names of Kochar and his family members from funds invested by Hameed in the company. Some of the properties were sold in the interregnum and in order to prevent further sale of the said properties, which are “proceeds of crime” and to prevent “frustration” of proceedings under the PMLA, assets worth Rs 69.14 crore including some fixed deposits and jewellery were attached, ED added. Investigation is on.