ED seizes assets worth Rs 12.73 crore in Chennai in anti-money laundering case

Chennai: In an anti-money laundering case, the Enforcement Directorate (ED) said in a press statement on Monday that it has “restituted” a property in Chennai’s Saidapet Taluk, valued at Rs 12.73 crore, to its legitimate claimant.

The Directorate of Enforcement (ED), Chennai office, has successfully returned property worth Rs. 12.73 Crore to the victim and legitimate claimant in an anti-Money Laundering case under investigation, marking a major step in returning the proceeds of crime to its rightful claimants, the ED said.

An FIR filed by the Central Crime Branch (CCB), Chennai, served as the foundation for the ED’s inquiry. A allegation of unlawful land grabbing served as the foundation for the filing of the FIR.

“A bunch of land grabbers had illegally encroached onto land located in Chennai’s Saidapet Taluk, according to an ED inquiry. By fabricating paperwork and making fraudulent claims to ownership, these land grabpers then transferred the property to a third party,” the report said.

Due to these conclusions, on March 21, 2017, the ED issued a Provisional Attachment Order, which the Adjudicating Authority subsequently affirmed, attaching the property valued at Rs 11.40 crore. Additionally, the Honorable Principal Sessions Judge Court in Chennai received a Prosecution Complaint and took notice of it.

The property is now worth Rs. 12.73 crore, and its restoration to the victim and legitimate claimant is a major step in the ED’s continuous efforts to make sure that the victims of crime get their share of the proceeds of crime. “ED remains committed to fighting financial crimes and providing justice to those who are harmed by them,” the statement said.