Properties valued at Rs 40.62 crore have been temporarily attached by the Enforcement Directorate (ED) pursuant to the Prevention of Money Laundering Act, 2002, in the ongoing investigation involving the software firm M/s Geodesic Limited (GL), which was also the proprietor of the well-known children's magazine 'Chandamama'.
The attached properties are in the form of 26 residential flats and shops in the name of various companies and persons namely M/s Savi Commodity and Capital Services Pvt Ltd, M/s J & J Network Consultancy (P) Limited, Dinesh Jajodia (a Mumbai-based chartered accountant and tax consultant), and others situated in Maharashtra and West Bengal
In 2018, a case was filed against the directors of the company by the Mumbai Police, alleging misappropriation of funds belonging to the company's shareholders, which were allegedly used for acquiring private properties. The ED initiated its investigation after discovering that the company had engaged in intricate financial transactions, both domestically and internationally. Subsequently, an inquiry was initiated into the matter. Based on the information at hand, it was revealed that significant foreign bonds had been sold in 2008 as part of these financial activities.
The diversion of funds involved a scheme where the parent company purportedly engaged in software transactions. However, instead of legitimate dealings, the money was redirected to fictitious companies. Subsequently, these ill-gotten funds were funneled to individuals for the purpose of acquiring these properties. Furthermore, it's worth noting that the ED had previously apprehended K. Pani, Director Prashit Lekar, and Vish Pankaj in connection with this case.