News Desk, AnyTV, New Delhi
Published by: Abhishek Dixit
Updated Mon, 07 Mar 2022 10:51 PM IST
Summary
The ED had started investigation on the basis of an FIR registered with the Economic Offenses Wing of Tamil Nadu Police. During investigation it was found that Disk Assets Lead India Limited had collected investment of Rs.
The Enforcement Directorate has arrested four directors of Tamil Nadu-based company Disk Assets Group in connection with cheating public of Rs 1,100 crore in the name of collective investment scheme. N Umashankar, N Arun Kumar, V Janarathanan and A Sarvan Kumar were arrested under the Money Laundering Act.
The ED had started investigation on the basis of an FIR registered with the Economic Offenses Wing of Tamil Nadu Police. During investigation it was found that Disk Assets Lead India Limited had collected investment of Rs. The company had promised to pay huge returns to the investors in the form of land or money. This amount was diverted under the guise of investment in subsidiaries, as royalty payments to the company’s directors or family members, as dividends and as payments to unrelated entities. After this, the ED also attached about 1081 properties of the company worth Rs 207 crore.
The accused had filed an appeal for anticipatory relief in the Madras High Court, which was rejected by the court. After this, these people filed an SLP in the Supreme Court challenging the decision of the Madras High Court, which was rejected by the top court on 25 February. After this, the ED arrested the four on March 5 on the basis of a non-bailable warrant issued by a special CBI court. The Principal Special Judge has sent the four to judicial custody.
Expansion
The Enforcement Directorate has arrested four directors of Tamil Nadu-based company Disk Assets Group in connection with cheating public of Rs 1,100 crore in the name of collective investment scheme. N Umashankar, N Arun Kumar, V Janarathanan and A Sarvan Kumar were arrested under the Money Laundering Act.
The ED had started investigation on the basis of an FIR registered with the Economic Offenses Wing of Tamil Nadu Police. During investigation it was found that Disk Assets Lead India Limited had collected investment of Rs. The company had promised to pay huge returns to the investors in the form of land or money. This amount was diverted under the guise of investment in subsidiaries, as royalty payments to the company’s directors or family members, as dividends and as payments to unrelated entities. After this, the ED also attached about 1081 properties of the company worth Rs 207 crore.
The accused had filed an appeal for anticipatory relief in the Madras High Court, which was rejected by the court. After this, these people filed an SLP in the Supreme Court challenging the decision of the Madras High Court, which was rejected by the top court on 25 February. After this, the ED arrested the four on March 5 on the basis of a non-bailable warrant issued by a special CBI court. The Principal Special Judge has sent the four to judicial custody.