ED attaches properties worth Rs 200 cr of Madurai-based granite firms

ED attaches properties worth Rs 200 cr of Madurai-based granite firms

The Enforcement Directorate (ED) on Monday attached more than 500 immovable properties valued around Rs 200 crore belonging to Madurai-based granite firms and related persons under the provisions of Prevention of Money Laundering Act, 2002 (PMLA).

Joint Director, ED, K S V V Prasad, said in 2013, five FIRs were registered by the Tamil Nadu Police against Madurai Granite Exports, M R Granites and R R Granites and their proprietors and partners.

According to ED officials, the firms have misappropriated the multi-coloured granite blocks in an illegal manner between 2001 and 2012.

It was estimated that the loss to the exchequer and the consequent illegal gain to the accused was about Rs 450 crore.

The investigation has so far revealed that suspected persons had acquired a huge number of immovable properties in their names and in the name of their family.

The ED identified about 517 such immovable properties totally valued at Rs 98 crore (as per the Guideline Value).

The present market value of these properties is around Rs 200 crore. As these immovable properties are part of the money laundering racket, the ED attached it provisionally under provisions of the PMLA.

 

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