Kochi: The Enforcement Directorate (ED) has seized and frozen assets worth Rs 103 crore in its money-laundering investigation into the Bharath Lajhna Multi State Housing Co-operative Society Ltd (BLMSHCS) and its founder R. Premkumar, the agency said on Thursday, November 5, a day after searches at 12 premises in Kerala and Chennai. The action is the first seizure announced in the case, following the searches Awaaz Punjab reported on November 4, when the ED had not released any figure.

Source: IANS via The Freedom Press

The ED's Kochi zonal office carried out the searches on Wednesday under the Prevention of Money Laundering Act (PMLA) at premises in Chennai, Ernakulam, Kozhikode, Thrissur, Thiruvananthapuram and Munnar, according to the agency's statement. The seized and frozen assets include eight luxury cars valued at about Rs 7 crore, 7.4 kg of gold jewellery worth Rs 9.6 crore, shares valued at Rs 80 crore, immovable properties worth Rs 5 crore and bank balances of Rs 1.86 crore.

Source: Urban Acres

Rs 103 croreAssets seized and frozen
12Premises searched in Kerala and Chennai
7.4 kgGold jewellery seized (Rs 9.6 crore)
Rs 80 croreShares frozen

The investigation began after an FIR registered by Kerala Police alleged that Premkumar, described by the ED as a founding member and the society's de facto chairman and managing director, used his position to divert money collected from public depositors into accounts held by family members and relatives and used the funds to acquire assets. The ED said its examination of about 320 bank accounts operated by Premkumar and his associates indicated that society funds were allegedly layered through multiple accounts to conceal their source. These are allegations under investigation and have not been proved in court.

Source: Mirror Now

Proceeds estimate may rise, says ED

The proceeds of crime were initially estimated at around Rs 80 crore on the basis of the police FIR, but the agency has indicated the total diversion of society funds is likely to run into hundreds of crores and is still being quantified. Premkumar was arrested by the Kerala Police Crime Branch on October 29 in the underlying deposit-fraud case. The ED said further investigation is continuing.

Source: IANS via The Freedom Press