NEW DELHI, 8 Aug: The Enforcement Directorate (ED) on Monday said it has attached bank deposits and shares worth Rs 1.12 crore in connection with a money laundering probe linked to a case of cheating people in Arunachal Pradesh after promising high returns on investments.
A provisional attachment order has been issued under the Prevention of Money Laundering Act (PMLA) against Algo Academy and some others, the ED said.
“Proceeds of crime generated by the accused have been
layered by transferring the amount to various bank accounts and thus (the accused) used banking channels to conceal the actual origin of tainted money.
“Investments in two demat accounts and a term deposit, linked with the bank accounts of the suspected persons, were also identified and attached along with balances in 17 bank accounts in the name of suspected persons and their entities, maintained with numerous banks,” the ED said in a statement.
The money laundering case stems from a police FIR registered by the Banderdewa police station in Papum Pare district against Algo Academy and unknown persons.
“Scrutiny of the police FIR showed that gullible persons of Arunachal Pradesh were lured by the accused to invest and get falsely projected high returns. Chargesheets have also been filed by police in this case,” the federal probe agency said. (PTI)