ED attaches Rs. 90.38 lac Assets of Kaushalya Infrastructure, Ranchi

The ED has attached assets worth Rs. 90.38 lac belonging to Ranchi’s ‘Kaushalya Infrastructure Group’ in a PMLA case of defrauding the Jharkhand Government during contract execution.

Under the provisions of the PMLA, 2002, the Enforcement Directorate (ED) has temporarily attached a total of Rs. 90,38,912 worth of immovable property that belongs to M/s Kausahalya Nirman Private Limited and Kaushalya Township Private Limited.

ED attaches Rs. 90.38 lac Assets of Kaushalya Infrastructure, Ranchi

Based on the First Information Report (FIR) that was filed by the CBI in Ranchi against M/s Kaushalya Infrastructure Development Corporation Ltd. and others for criminal conspiracy, cheating, forgery of valuable security, and criminal misconduct, the ED has begun PMLA investigations under the relevant statute.

PMLA investigation by ED revealed that M/s Kaushalya Infrastructure Development Corporation Ltd. submitted forged or fake invoices in respect of procurement of bitumen while executing the contract of road work accorded by the Road Division, RCD, Government of Jharkhand. This resulted in the generation of Proceeds of Crime amounting o Rs. 1,08,95,583.

Under the provisions of the PMLA, 2002, the ED has attached a total of seven immovable properties with a combined value of Rs. 90,38,912 that were purchased in the name of M/s Kausahalya Nirman Private Limited and Kaushalya Township Private Limited using the “proceeds of crime.”

Earlier, the Enforcement Directorate (ED) carried out searches related to the investigation and seized or froze a total of Rs. 18,40,939 in cash that was found in the bank accounts of M/s Kaushalya Infrastructure Development Corporation Ltd and its associate companies. In this instance, one hundred percent of the proceeds of the crime have been attached and frozen by the ED. Additional inquiries into the matter are now being conducted.

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