- NET Web Desk
The Enforcement Directorate (ED) today announced that it has attached bank deposits and shares worth of Rs 1.12 crores, as part of a money laundering probe linked to a case of cheating people in Arunachal Pradesh after promising substantial returns on investments.
According to an ED statement, a provisional attachment order has been obtained under the Prevention of Money Laundering Act (PMLA) against Algo Academy and a few other parties.
“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,” – the statement further reads.
“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,” – further added the ED statement.
The money laundering case stems from a police FIR registered by the Banderdewa station in Papum Pare district of the state 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. Charge sheets have also been filed by police in this case,” – mentioned the central probe agency.