The Directorate of Enforcement (ED), Lucknow Zonal Office, has provisionally attached properties valued at Rs 4.33 Crore under the Prevention of Money Laundering Act (PMLA), 2002 in connection with the Axis Bank fraud involving M/s J.R. Sood and Co. Pvt. Ltd., Delhi. The attached asset consists of a residential plot measuring 781.78 square yards located in Rosewood City, Gurgaon.
The ED initiated its investigation based on an FIR filed by the Gautam Buddh Nagar Police under various sections of the Indian Penal Code (IPC), 1860. The FIR alleges that unknown individuals forged documents and identities to open bank accounts, which were subsequently used to deposit demonetized currency notes. These funds were then transferred to actual entities through a series of complex layering transactions.
The investigation revealed that 23 bank accounts associated with shell companies were utilized to deposit a substantial amount of demonetized currency, totaling Rs 52 Crore. This money was layered and routed through multiple suspicious transactions to disguise it as legitimate business dealings.
Further findings indicated that M/s J.R. Sood and Co. Pvt. Ltd. was one of the primary beneficiaries of the deposited funds. As a result, the ED has attached the residential plot worth Rs 4.33 Crore belonging to the company. The investigation is ongoing.
