New Delhi [India], September 1 (ANI): The Enforcement Directorate (ED) on Tuesday attached movable property in the form of 62,914.316 units of HDFC Balanced Advantage Fund, having a market value of Rs 3.31 crore as on date, in the case of Akshatha Minerals Pvt Ltd and others.
ED's Bengaluru zonal office attached the properties following an attachment order issued under the Prevention of Money Laundering Act (PMLA), 2002.
ED said its investigation was initiated on the basis of an FIR registered by the Central Bureau of Investigation (CBI), Bengaluru, against Akshatha Minerals Pvt Ltd, its directors and others for alleged cheating, criminal conspiracy and use of forged documents.
"Investigation revealed that Akshatha Minerals Pvt Ltd, engaged in trading and export of iron ore, had availed credit facilities of about Rs 6 crore from Bank of India by creating an equitable mortgage over six properties. One of the properties situated at Jayamahal, Bengaluru, was falsely represented as being owned by late Lakshmamma. Forged and fabricated Khata records, tax-paid receipts, betterment charge receipts and other revenue documents were allegedly submitted to the bank for creation of the mortgage," said the ED in a statement.
Bank of India disbursed Rs 3 crore against the property, it further said, pointing out that "Rs 1 crore, forming part of the Proceeds of Crime, was transferred from the bank account of Akshatha Minerals Pvt Ltd to the Catholic Diocese of Bellary Trust on February 13, 2010."
The amount was subsequently invested and reinvested through various HDFC Mutual Fund schemes, ED mentioned.
The money trail established that the original tainted amount remained identifiable through successive investments and ultimately came to be represented by 62,914.316 units of HDFC Balanced Advantage Fund, it added.
"The value of these units appreciated from the original Rs 1 crore to Rs 3.31 crore as on date, the appreciation constituting the fruits and accretions of the Proceeds of Crime," stated the federal agency.
Earlier, the ED has also filed a Prosecution Complaint before a Special Court in Bengaluru on March 28 this year. (ANI)
ED attaches 62,914.316 units of HDFC Balanced Advantage Fund valued Rs 3.31 crore in Akshatha Minerals money laundering case
