ED attaches ₹71.48 crore assets of Hindustan Infracon for failure to give promised return on deposits in Karnataka
The Hindu
Non-agricultural land and residential properties in Mysuru, Bengaluru and Anantpur in Andhra Pradesh of Hindustan Infracon (India) Private Limited were attached under provisions of Prevention of Money Laundering Act (PMLA).
Officials of the Directorate of Enforcement (ED) provisionally attached immovable properties worth ₹71.48 crore, including non-agricultural land and residential properties in Mysuru, Bengaluru and Anantpur in Andhra Pradesh, of Hindustan Infracon (India) Private Limited under provisions of Prevention of Money Laundering Act (PMLA).
The ED initiated an investigation on the basis of FIRs registered in various districts of Karnataka against Hindustan Infracon and its directors under various sections of the Indian Penal Code (IPC).
The investigation revealed that the accused allegedly collected funds and deposits amounting to ₹389 crore from 7,18,817 investors by promising exorbitant rate of return on the investment. Later, the accused failed to return an amount of ₹199 crore due to the investors, according to the ED
“These funds were utilised for purchase of immovable property, withdrawal in cash, and thereby utilised for personal gain,” according to a statement from the ED.
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