Indore, Feb 13 The Enforcement Directorate (ED) on Friday said it has attached properties valued at Rs 64.16 lakh belonging to Shrikant Ghante and Subhash Dubey in a case related to defrauding investors and buyers in Indore.
The action has been taken under the provisions of the Prevention of Money Laundering Act (PMLA) 2002, following an investigation into a case against the Nav Bharat Grih Nirman Cooperative Society Ltd for illegal allotment of plots and massive irregularities.
The investigation was initiated based on an FIR registered by the Indore police against Shrikant Ghante and other officer bearers of Nav Bharat Grih Nirman Cooperative Society Ltd., Indore, under Sections 409, 420, and 120B of the Indian Penal Code (IPC), 1860 (which are scheduled offences under the PMLA).
The federal probe agency said that during the investigation, it found “various financial irregularities and fraudulent activities carried out in Nav Bharat Grih Nirman Cooperative Society Ltd., Indore.”
The movable and immovable properties belonging to Shrikant Ghante and Subhash Dube, attached by the ED, include a plot and a residential building in Indore.
“ED investigation revealed a well-orchestrated scam involving the Chairman, vice-president , and members of the Board of Directors of the society who dishonestly cheated the members of their own organisation by selling land, purchased with the funds of the Nav Bharat Housing Cooperative Society, Indore, to different entities and siphoning off funds in this manner,” it said.
The ED further stated that the proceeds of the crime were generated by defrauding the members of society and by destroying unaccounted records of the proceeds from land sales. The funds, illegally siphoned, were systematically layered and subsequently utilised to acquire the immovable properties.”
The probe agency also clarified that the investigation into the matter was ongoing and that further significant revelations are expected in the coming days.
--IANS
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