Enforcement Directorate (ED) has arrested four directors/key managerial persons of Disc Assets Group, namely N Umashankar; N Arun kumar; V Janarthanan and A Saravana Kumar, in Money Laundering case for defrauding public of over ₹1,100 crore in ‘Collective Investment Scheme’.
The ED initiated investigation under PMLA, 2002 based on the FIR registered by the Economic Offences Wing of the Tamil Nadu Police. During the investigation, it was revealed that Disc Assets Lead India Limited & others, collected ₹1,100 crore from the investors promising land/money with higher interest in return.
The collected money was diverted in the guise of investment in subsidiaries, royalty payment to the directors/family members of directors, as dividends and to unrelated entities. The ED has also attached 1,081 properties worth .₹207 crore of the Group entities, says a release from ED.
The accused had filed a Special Leave Petition (SLP) before the Supreme Court against the order of the Madras High Court dismissing their bail petition. The SLP was dismissed by the Apex Court on February 22. 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, VIII Additional City Civil Court, Chennai. The Principal Special Judge has remanded them to Judicial Custody, the release added.