The Enforcement Directorate (ED) has attached immovable properties worth more than Rs.185 Crore of Mumbai based company M/s Frost International Ltd, it's group companies M/s Globiz Exim Pvt Ltd, M/s NSD Nirman Pvt Ltd and RS Builders and promoters and directors under the provisions of Prevention of Money Laundering Act (PMLA).
According to the agency official, ED had initiated a money laundering investigation on the basis of an FIR filed by CBI against the company in January last year, for allegedly cheating a consortium of 14 banks to the tune of over Rs 3592 crore. During the investigation under PMLA, evidence in the form of statements were recorded, documents from various authorities including banks, district property registration authorities have been collected and placed on record.
"The facts, evidence and records cogently prove that M/s Frost International Ltd and its group companies indulged in the commission of the offence of money laundering and have diluted the proceeds of crime available with the company to various other business related and non-related entities. It is also found that they diverted the bank funds and used them for acquiring assets in the name of the Frost Group of Companies and related persons/entities," the agency claimed in a statement.
Now, on the basis of investigation under PMLA, immovable properties worth more than Rs 185 crore have been attached situated in Mumbai, Kanpur, New Delhi, Guru gram, Kolkata and Tamil Nadu. These are in the names of M/s Frost International Ltd, it's group companies and promoter/director and their relatives.
