ED attaches properties worth Rs 2.53 Crore in Munnar in PFI case
Aug 05, 2023
Kerala [India], August 5 : The Directorate of Enforcement (ED) has taken possession of immovable properties, valued at Rs 2.53 Crore, in connection with the Popular Front of India (PFI) and other cases.
The action was carried out under the provisions of the Prevention of Money Laundering Act, 2002, according to a statement on Saturday.
The properties taken over by the ED include four unsold villas measuring 338.03 sq. metres and 6.75 acres of vacant land from the Munnar Villa Vista Project.
The ED had issued a Provisional Attachment Order on 07.01.2023, which was later confirmed by the Liquidated damages (Ld.) Adjudicating Authority on 30.06.2023.
The ED's investigation was initiated based on an FIR and charge sheet filed by the National Investigation Agency (NIA), Kochi, before the Special Court for Trial of NIA cases in Ernakulam, Kerala.
The FIR and charge sheet alleged that a group of Popular Front of India (PFI) / Social Democratic Party of India (SDPI) activists conspired to provide explosives and weapons training and organized a terrorist camp in Narath, Kannur District.
As a result, more FIRs against members of PFI and related entities came under the ambit of the PMLA investigations.
It was uncovered that PFI leaders and members associated with overseas entities were involved in the development of the Munnar Villa Vista Project (MVVP) in Munnar, Kerala, with the intention to launder money collected from foreign countries and within the country.
The motive was to generate funds to finance radical activities of PFI. The project was executed through the formation of Munnar Villa Vista Pvt. Ltd. (MVVPL).
The ED's probe further revealed the infusion of a large volume of unaccounted cash in the project, subscription of shares of MVVPL in cash under the names of ghost shareholders, transfer of shares of MVVPL without consideration, and bogus transfers to other companies without any goods or services being supplied.
The ED's comprehensive investigation into the money laundering activities of MVVPL and its key persons, the total Proceeds of Crime amounting to Rs 21.9 Crore were quantified.
A Prosecution Complaint was filed before the Special Court of PMLA cases in Lucknow on 06.05.2022. Charges have been framed in the case, and the trial is currently underway.
