New Delhi [India], May 15 : The Enforcement Directorate (ED) has arrested two key accused in connection with a massive money laundering case involving the fraudulent sale and alienation of immovable properties in Uttar Pradesh, Madhya Pradesh, and Chhattisgarh belonging to the Spiritual Regeneration Movement Foundation of India (SRMF), a charitable society registered in 1963.
The accused, identified as G Ram Chandra Mohan and Akash Malviya, were arrested following extensive search proceedings conducted on May 14-15. Both the accused have been remanded to ED custody by a special court at Patiala House Courts, New Delhi.
The ED has also issued a freezing order against the bank accounts and movable assets of Singhvahini Infra Projects Pvt Ltd and its directors for their alleged complicity in the fraud.
ED initiated an 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.
ED said its investigation has revealed that the accused persons 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.
As per the federal agency, Mohan has been identified as the principal conspirator and key controlling person.
After fraudulently projecting himself as the Treasurer of SRMF in 2010, ED said, Mohan 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.
Malviya, a close associate, impersonated himself as an Executive Member of SRMF and actively assisted in executing fraudulent sale deeds as an authorised signatory, said the ED.
Investigation has also revealed the active complicity of Pradeep Singh, director of Singhvahini Infra Projects Pvt Ltd, in the generation and layering of proceeds of crime.
"Despite being aware that the land being sold belonged to SRMF and that the accused persons had no lawful authority to alienate the same, Pradeep Singh knowingly entered into the fraudulent transactions. More significantly, immediately after execution of the said sale deed, he proceeded to further alienate portions of the same property to third parties," said the ED in a statement.
During the search proceedings, 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, including a Toyota Hybrid, a Land Rover Defender, and a Mahindra Thar Roxx belonging to Pradeep Singh and his firm, Singhvahini Infra Projects Pvt Ltd.
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