ED attaches assets worth Rs 3.12cr in money laundering case

The ED learned during the investigation that huge amount of funds were embezzled and misappropriated from the MDS account by Singh, the then Project Director of MDS, in criminal connivance with his associates.
Representative image
Representative image

NEW DELHI: The Enforcement Directorate (ED) on Monday said it has attached immovable and movable properties worth Rs 3.12 crore belonging to one Y. Ningthem Singh and his associates in connection with an investigation into a money laundering case related to massive fund embezzlement of the Manipur Development Society (MDS).

The ED initiated investigation on the basis of the FIR lodged by Imphal West Police under various sections of IPC, and section 13(2) of Prevention of Corruption against officials of MDS and other individuals in 2017.

There were allegations of misappropriation of MDS funds to the tune of more than Rs 169 Crore.

The ED learned during the investigation that huge amount of funds were embezzled and misappropriated from the MDS account by Singh, the then Project Director of MDS, in criminal connivance with his associates.

Later on, these diverted funds were transferred and laundered into various shell firms' accounts and other associates accounts.

Singh and his accomplices acquired several properties at different locations.

In this connection, six immovable properties worth Rs 3.04 crore and an amount of Rs 8,20,000 available in various bank accounts have been attached by the ED.

In this case, "ED has earlier frozen eleven different bank accounts on November 2021 related to the accused persons with a balance amount of Rs 41,53,489", an official said.

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