Chennai: Four directors of Tamil Nadu-based Disc Assets Group have been arrested by the Enforcement Directorate under the anti-money laundering act. They have been arrested for allegedly defrauding the public of over Rs 1100 crore in ‘Collective Investment Scheme’, officials said, as per India Today report.
N Umashankar alias NM Umasangarr, N Arun Kumar alias N Arun, V Janarthanan and A Saravana Kumar were arrested for their alleged involvement in the case.
Under PMLA, the probe agency initiated investigation, based on an FIR registered by the Economic Offences Wing of the Tamil Nadu Police.
The Enforcement Directorate has alleged that from public Disc Assets Lead India Limited and others collected money amounting to over Rs 1100 crore, promising them land and money with higher interest in return.
According to India Today reports, the ED said that the money was diverted. ED said, “The money thus collected was diverted in the guise of investment in subsidiaries, as payment of royalties to the directors, family members of directors of the company, as dividends and as diversion to unrelated entities.” The agency has also attached 1081 properties worth Rs 207 crore of the group entities.
A Special Leave Petition (SPL) has been filed before the Supreme Court by the accused persons, against the order of the Madras High Court, after their bail petition was rejected. The Supreme Court dismissed the appeal of the accused on February 25, 2022.
All the four accused have been sent to judicial custody by a Chennai court.
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