The Enforcement Directorate (ED) on Thursday attached assets worth Rs 904 crore of the DSK Group for allegedly defrauding small investors. The ED is probing the group under the Prevention of Money Laundering Act (PMLA).
The ED statement said the three officials of the group, “layered and integrated” the funds received by the eight partnership firms “through various high-value sham transactions under cover of capital, advance against property and director’s loan between 40 group companies” of DSK to project it as “untainted money”.
The ED has alleged that the money was then laundered to four DSK firms in India and the US, as well as to the bank accounts of the Kulkarnis.
The ED statement also said the laundered money was utilised to purchase properties in India and the US, to repay bank loans and to purchase high-value LIC policies for the Kulkarni family, among others.
Source – Indian Express