NE NEWS SERVICE
NEW DELHI/CHENNAI, MARCH 7
The Enforcement Directorate (ED) arrested four directors of Tamil Nadu-based Disc Assets Group under the anti-money laundering act for allegedly defrauding the public of over Rs 1,100 crore in ‘Collective Investment Scheme’, officials said.
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.
ED has arrested 4 Directors/Key Managerial Persons of Disc Assets Group, N. Umashankar @ N.M.Umasangarr, N. Arun kumar @ N. Arun, V. Janarthanan and A. Saravana Kumar, in a case for defrauding public to the tune of over Rs 1100 Crore in ‘Collective Investment Scheme’.
— ED (@dir_ed) March 7, 2022
The probe agency initiated its investigation under PMLA based on an FIR registered by the Economic Offences Wing of the Tamil Nadu Police.
- The agency has also attached 1,081 properties worth Rs 207 crore of the group entities
The ED alleged that the firm — Disc Assets Lead India Limited and others collected money amounting to over Rs 1100 crore from the public by promising land and money with higher interest in return.
“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,” said the ED.
The agency has also attached 1,081 properties worth Rs 207 crore of the group entities.
The accused persons had filed a special leave petition (SLP) before the Supreme Court against the order of 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.