ED attaches Jayachandra's assets worth Rs 25 crore

The Enforcement Directorate (ED) on Tuesday attached 17 properties belonging to S C Jayachandra, suspended project officer of State Highway Development Project. The ED had registered a case under Prevention of Money Laundering Act (PMLA) against Jayachandra after an Income Tax department raid on him for stashing Rs 2,000 notes immediately after the demonetisation.

According to sources in the ED, a total of 17 properties valued at around Rs 2 crore at the time of registrations, and a fair market value beyond Rs 25 crore have been attached by the agency. An official said that while most of the properties are in and around Bengaluru, some are in Chitradurga and other parts of the state. The ED investigation had revealed that Jayachandra had made most of the assets in the names of his wife and mother-in-law.

Sources added that the assets in the attachment order include 11 residential properties, three agricultural properties and a farmhouse. The official said that attachment under the PMLA will prevent the accused from obtaining benefits of the ill-gotten wealth. 

Income tax search
The Income Tax officials had searched the residences of Jayachandra and a few others on November 30, 2016 and found Rs 5 lakh in newly released Rs 2,000 notes and other unaccounted for cash in demonetised currency of Rs 500 and Rs 1,000. Following this, the ED arrested Jayachandra on the charge of money-laundering. The CBI and the Anti-Corruption Bureau have also registered cases against Jayachandra.