The Directorate of Enforcement (ED) on Monday said it has provisionally attached more than 500 immovable properties valued to the tune of Rs 200 crore belonging Madurai-based granite firms and related persons under the provisions of Prevention of Money Laundering Act, 2002 (PMLA).
“During the investigations, the Enforcement Directorate (ED) identified about 517 immovable properties valued at Rs 98 crore (as per the book value).
“The present market value of these properties would be about Rs 200 crore. As these immovable properties are involved in money laundering, ED attached them provisionally under the provisions of the Prevention of Money Laundering Act (PMLA),” the central probe agency said in a statement.
According to ED, in 2013, five first information reports were registered by the police against Madurai Granite Exports, M.R. Granites and R.R. Granites and their proprietors or partners.
The ED said that chargesheets were filed by police alleging illegal quarrying of multi-coloured granites at Melur, Keelavalavu, Rasipuram and other places in and around Madurai by the accused, with a common object to trespass into the nearby government lands.
During the investigations, the ED identified about 517 such immovable properties totally valued at Rs 98 Crores (as per the Guideline Value). The present market value of these properties would be about Rs 200 Crores. As these immovable properties are involved in money laundering, ED, Chennai, attached the same provisionally under the provisions of PMLA.