ED attaches assets of businessman in Tamil Nadu cheating case

The Enforcement Directorate (ED) on Monday said it has attached assets worth Rs 69.14 crore of a Tamil Nadu-based businessman as part of a money laundering probe linked to an alleged cheating case against him and his family.

A provisional order for attachment of properties of Dhanraj Kochar and his family has been issued under the provisions of the Prevention of Money Laundering Act (PMLA).

The ED case was filed on the basis of a scheduled offence registered earlier by the Chennai Police against the businessman on charges of cheating and criminal conspiracy involving more than Rs 100 crore.


The federal agency had conducted raids at the premises of the businessman in September last year.

The case pertains to one M S Hameed, Abdul Rawoof and Kochar who were the directors of a real estate company called D R Foundations & Estates Private Limited.

During 2005-06, the agency said in a statement, properties in Siruseri village under Thiruporur (Chengalpattu district, Tamil Nadu) sub-registrar office were purchased out of funds invested by Hameed and his family members and his business entity Paramount Builders into DR Foundations and Real Estates Pvt. Ltd.

These properties were "clandestinely" transferred to Kochar and his family members, it alleged.

The ED said some properties were "directly purchased" in the names of Kochar and his family members from the funds invested by Hameed in the company.

Some of the properties have also been sold in the interregnum and in order to prevent further sale of the said properties, which are "proceeds of crime" and to prevent "frustration" of further proceedings under the PMLA, assets worth Rs 69.14 crore including some fixed deposits and jewellery were attached, it said.