ED arrests four directors of TN-based firm for cheating public of Rs 1,100 cr
Mar 07, 2022
Chennai (Tamil Nadu) [India], March 7 : The Enforcement Directorate (ED) arrested four Directors of Disc Assets Group in connection with a money laundering case of defrauding the public to the tune of over Rs 1,100 crore in 'Collective Investment Scheme'.
The arrested persons are N Umashankar alias NM Umasangarr, N Arun Kumar alias N Arun, V Janarthanan and A Saravana Kumar.
ED initiated an investigation under PMLA, 2002 based on the FIR registered by the economic offences wing of the Tamil Nadu Police. During the course of the investigation, it was revealed that Disc Assets Lead India Limited and Ors collected money amounting to over Rs 1,100 crore from the gullible public promising land or money with a higher interest in return.
The money thus collected was diverted in the guise of investment in subsidiaries, as payment of royalty to the directors or family members of directors of the company, as dividends and as a diversion to unrelated entities.
ED has also attached 1,081 properties worth Rs 207 crore of the group entities.
The accused persons had filed SLP before the Supreme Court against the order of Madras High Court dismissing their bail petition. The SLP by the accused persons was dismissed by the Apex Court on February 25.
Accordingly, ED arrested the four persons on March 5, based on the non-bailable warrants issued by the principal special judge for CBI Cases, Chennai. The principal special judge has remanded the accused persons to Judicial Custody.
