The directorate has provisionally attached 1,081 immovable properties measuring around 3,850 acres of land located in Madurai, Ramanathapuram and Chennai, together worth about Rs 207 crores under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, it said in a press release on Monday.
It initiated the investigation on the basis of an FIR registered by Economic Offences Wing of the State police under Sections 120B and 420 of IPC against the firms and their executives who collected money in instalments from people from Tamil Nadu and Kerala promising them lands in return.
Investigation revealed that the directors of the company floated many other entities like Dal Marketing Solutions Private Ltd and Aiyan Marketing Solutions Private Ltd to collect money on behalf of Disc Assets Lead India Limited to circumvent the legal impediments of the SEBI Act.
The money collected from depositors was used to buy immovable properties in Tamil Nadu in the name of the company, its directors and other unrelated entities. A major portion of the collected amount was siphoned off by the directors, the release added.