ED searches unearth Rs 280 cr money laundering through Mauritius firm
In a press release, ED said that an extensive network of shell companies was employed to 'obfuscate' the flow of funds, which was primarily used for property acquisitions, and a sham entity in Mauritius called Pacatolous Investments Limited was used for a round-tripping of funds.
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CHENNAI: After carrying out searches at multiple premises linked to KLP Projects Private Limited, Landmark Group, and Binny Limited in the city on Friday, the Enforcement Directorate (ED) on Monday said that it has unearthed a "complex money laundering scheme amounting to Rs 280 crore facilitated through the Mauritius route".
In a press release, ED said that an extensive network of shell companies was employed to 'obfuscate' the flow of funds, which was primarily used for property acquisitions, and a sham entity in Mauritius called Pacatolous Investments Limited was used for a round-tripping of funds.
"The ill-gotten gains were ultimately utilised to acquire prime real estate in Chennai," said ED.
ED has named one S Neelakantan, an auditor, for playing a pivotal role in the laundering process.
ED's PMLA case is based on DVAC FIR against Udhaya Kumar of Landmark Group, Sunil Khetpalia, Maneesh Parmar of KLP Project Pvt Ltd on the charges of illegal gratification to public servants – including then MLA and MP during 2015-17 and government department officials - for speedy approvals for their project in the city.
