New Delhi, May 15 The ED arrested two men who fraudulently sold immovable properties belonging to a charitable society in Uttar Pradesh and Madhya Pradesh, among others, and used the proceeds for money laundering, an official said Friday.
The Directorate of Enforcement (ED) arrested G. Ram Chandra Mohan and Akash Malviya following extensive search proceedings conducted on May 14-15 over the sale of properties belonging to the Spiritual Regeneration Movement Foundation of India, said an official statement.
Both the accused have been remanded to ED custody by the Special PMLA Court at Patiala House Courts, New Delhi, said the statement.
The ED has also issued a freezing order against the bank accounts and movable assets of Singhvahini Infra Projects and its Directors for their alleged complicity in the massive money laundering case involving the fraudulent sale and alienation of immovable properties of the SRMF, a charitable society registered in 1963 (SRMF- Reg. No. S/2366/1963).
During the search proceedings, the ED issued freezing orders under Section 17(1A) of the Prevention of Money Laundering Act (PMLA), 2002, against the bank accounts, fixed deposits, lockers, and high-end vehicles belonging to Pradeep Singh and his firm Singhvahini Infra Projects, said the official statement.
The ED initiated investigation based on an Enforcement Case Information Report (ECIR) recorded on May 7, arising from multiple FIRs registered across Uttar Pradesh, Madhya Pradesh and Chhattisgarh.
These FIRs allege a continuing criminal conspiracy involving cheating, forgery, impersonation, and criminal breach of trust, said the ED.
The investigation revealed that the accused, purporting to be authorised office bearers of the original SRMF (Reg. No. S/2366/1963), used forged powers of attorney, fabricated board resolutions, and counterfeit authorisation letters to unlawfully sell prime trust properties valued at hundreds of crores of rupees, said the ED.
G. Ram Chandra Mohan has been identified as the principal conspirator and key controlling person. After fraudulently projecting himself as the Treasurer of SRMF in 2010, he created a fictitious entity with a similar name, obtained a fake PAN (later deactivated by the Income Tax Department as "Fake Assessee"), and illegally opened a bank account to route the Proceeds of Crime, said the ED.
Malviya, a close associate, impersonated himself as an Executive Member of SRMF and actively assisted in executing fraudulent sale deeds as an authorised signatory, it said.
The investigation has also revealed the active complicity of Pradeep Singh, director of Singhvahini Infra Projects, in the generation and layering of Proceeds of Crime.
Despite being aware that the land being sold belonged to SRMF and that the accused had no lawful authority to alienate the properties, Pradeep Singh knowingly entered into the fraudulent transactions, the ED said.
Immediately after execution of the said sale deed, he proceeded to further alienate portions of the same property to third parties, the ED said.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor