Chennai: The Enforcement Directorate (ED) on Saturday provisionally attached assets worth around Rs 85.19 crore in its money-laundering investigation into Dream Makers Global Private Limited, officials said. The attachment, made under the Prevention of Money Laundering Act (PMLA), 2002, covers movable and immovable assets linked to the alleged investment fraud.
Source: The Columns
According to the agency, the company allegedly lured thousands of investors with promises of high daily returns and a doubling of their money within 150 days. Investigators allege it collected public deposits through investment packages purportedly linked to software projects, and that initial payments helped attract more investors before the scheme defaulted, leaving depositors facing losses.
Source: hi INDiA (IANS)
The ED initiated its investigation on the basis of a case registered by the Tamil Nadu Police's Economic Offences Wing. The investigation identified the company's late Managing Director S. Sathish Kumar, Director Gunavathy and Manager Mugunthan Nair as key figures, and alleged that promotional meetings and assurances of high returns were used to persuade people to invest.
Source: The Columns
On June 30, investigators searched eight locations in Coimbatore and Krishnagiri in Tamil Nadu and in Malappuram and Thrissur in Kerala, seizing documents, diaries, digital records and details of properties. The agency alleged that funds described as returns or commissions were used to acquire properties, vehicles and other personal assets, and it identified bank accounts, fixed deposits and financial instruments linked to the accused and their associates among the attached assets.
Source: Nation Press
The attachment remains provisional, and the allegations — centred on the collection and use of investors' deposits and assets allegedly acquired with those funds — have not been established by any court. Further investigation is underway.