The Enforcement Directorate (ED) has conducted searches at more than 14 locations in Chennai and Mumbai and frozen movable properties worth over ₹45 crore in connection with a money laundering case.
The ED initiated investigations based on a First Information Report registered by the Entrustment Document Fraud wing of the Central Crime Branch (Chennai) against one Ram Prasath Reddy and others. As alleged by Gateway Office Parks Private Limited, ₹129 crore was siphoned off.
The agency alleged that Reddy orchestrated the misappropriation of ₹129 crore through his family-owned entities and that the funds were diverted on the pretext of payments for the supply of goods and services.
“The search operations led to the detection of undisclosed cash, bank balance, and shares. The said movable properties worth totalling to more than ₹45 crore were frozen… furthermore, high-end apartments in Mumbai and Chennai, along with other properties obtained through the proceeds of crime, were identified, and pertinent documents seized,” the agency said.
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