New Delhi: In accordance with the provisions of the 2002 Prevention of Money Laundering Act, the Enforcement Directorate (ED) announced on Friday that it had attached the movable and immovable property of Suresh Kumar Banthia and Jitesh Kumar Banthia worth Rs 9.12 crore in the form of bank account balances, two homes, and land situated in various locations throughout the South 24-Parganas and Howrah districts.
For an undisclosed credit in the bank account of an offshore company registered in the British Virgin Islands (BVI), of which Suresh Kumar Banthia and Jitesh Kumar Banthia were beneficial owners, the Income Tax Department had previously filed a chargesheet against them before the court of Chief Metropolitan Magistrate under Section 51 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act.
Since Section 51 of the Act is a scheduled offence under Part C of the schedule to the PMLA, the ED also initiated an investigation under PMLA.
Previously, assets worth Rs 1,51,49,805 and cash amounting to Rs 10,20,000 were frozen under Section 17 of PMLA.
"The attached properties are equivalent in value held within the country, since the proceeds of crime are lying in the bank account held outside India. After this provisional attachment order, total value of assets seized/frozen/attached is Rs 10.74 crore," the ED said.
With inputs from IANS