Business

In Money Laundering Investigation Against PFI, ED Seizes Munnar Mansions And Property

As part of a money laundering probe into the outlawed Popular Front of India, the Enforcement Directorate has taken custody of four homes and 6.75 acres of property in Kerala’s Munnar area.

Munnar Villa Vista Pvt Ltd has assets, which are worth a total of Rs 2.53 crore (book value). The federal investigation agency attached them temporarily on January 7, and the Prevention of Money Laundering Act (PMLA) adjudicating body verified it on June 30, the ED said in a statement on Saturday.

According to the agency, the adjudicating authority’s order cleared the way for the agency to take ownership of the land and the four villas.

The Popular Front of India (PFI) was banned in September last year under the terms of the Unlawful Operations Prevention Act (UAPA) for alleged links to terror operations.

According to the Enforcement Directorate (ED), PFI leaders and members associated with overseas entities were developing the Munnar Villa Vista Project (MVVP) in order to launder money collected from foreign countries as well as within the country and to generate funds for PFI to finance its radical activities, and the project was being developed by forming a company called Munnar Villa Vista Pvt Ltd (MVVPL).

The organization claimed its investigation uncovered infusion of a large volume of unaccounted cash in the project, subscription of MVVPL shares in cash in the name of ghost shareholders, transfer of MVVPL shares without consideration, and bogus transfers made to other companies without any supply of goods or services.

A National Investigation Agency (NIA) FIR alleges that a group of PFI/SDPI (Socialist Democratic Party of India) activists engaged in a criminal conspiracy to train their cadres in the use of explosives and weapons, and organized a terrorist camp at Narath in Kannur.

The PFI was founded in Kerala in 2006, with its headquarters in Delhi.

Also read: China React As Russia Denies Entry To 5 Citizens At Border

Spriha Rai

Recent Posts

India vs. Pakistan: Spin vs. Pace In High-Stakes ICC Champions Trophy 2025 Showdown

Cricket fans are eagerly anticipating one of the most exciting clashes of the ICC Champions…

7 mins ago

India Receives Prince Michael Decade Of Action Road Safety Award

India has been honored with the Prince Michael Decade of Action Road Safety Award for…

20 mins ago

Schneider Electric To Open Three New Plants In India

Schneider Electric announces plans to establish three new manufacturing plants in India, bolstering its presence…

51 mins ago

India’s Electricity Supply Grows In Rural, Urban Areas: Union Minister Khattar Highlights

Union Power Minister Manohar Lal Khattar announces a significant rise in electricity supply in rural…

1 hour ago

Adani Group’s Significant Global Tax Contribution In FY 2023-24

Adani Group releases its Tax Transparency Report for FY 2023-24, detailing a significant increase in…

2 hours ago

Malvika Mohanan Calls Collaboration With Mohanlal & Sathyan Anthikad ‘A Dream Come True’

Malvika Mohanan expresses her excitement on joining Malayalam cinema icons Mohanlal and Sathyan Anthikadfor 'Hridayapoorvam'.

2 hours ago