ED seizes assets worth Rs 31.8 crore in money laundering case

New Delhi. The Enforcement Directorate (ED) on Wednesday said it has attached immovable properties worth Rs 31.88 crore of a person named Kishan Chand (IFoS) and his family members in Haridwar and Roorkee in Uttarakhand in a money laundering case.

ED said the properties were attached under the provisions of the Prevention of Money Laundering Act (PMLA). During investigation it was found that they belonged to Kishan Chand and his family members. The ED case is based on an FIR lodged by Vigilance (Dehradun) in connection with the Disproportionate Assets (DA) case involving Kishan Chand (then DFO) and others.

The ED said investigation revealed that the attached properties were proceeds of crime as huge amounts of cash and checks were deposited in various accounts in the name of third persons. Which were later used to purchase properties so that these real estate properties could be presented as spotless.

From January 1, 2010 to December 31, 2017, Kishan Chand spent Rs 41.9 crore to acquire or purchase movable and immovable properties. However, Kishan Chand’s income during this period was Rs 9.8 crore, ED said. Thus, Chand had disproportionate assets (DA) worth Rs 32.1 crore, which were the proceeds of crime.