Enforcement Directorate (ED) attached properties valuing Rs 15 crore in the form of 30 flats in a residential complex “JKV Miracle” located at Adil Nagar, Lucknow under the provisions of Prevention of Money Laundering Act (PMLA) in a case of cheating of investors by JKV Land and Infrastructures and its the then MD Rajesh Kumar Singh and others, the probe agency said in Delhi on Wednesday.
Out of these 30 flats, 24 flats are in the name of JKV Land and Infrastructures Ltd and remaining six flats are in the name Rajesh Kumar Singh, the agency said. ED’s move comes after the registration of FIR against Rajesh Kumar Singh and JKV Land and Infrastructures.
During the investigations it emerged that JKV Land Developers and Infrastructure Ltd and its MD Singh had taken money from investors promising lucrative returns in the form of money or land but had illegally invested the said money for acquiring properties in his name.
The probe agency also revealed that JKV Land Developers and Infrastructure Ltd was not having any registration with Reserve Bank of India as a “Non-banking financial company” as defined under section 45-I (f) read with Section 45-IA of the Reserve Bank of India Act.
JKV Land Developers and Infrastructure Ltd was operating different schemes and accepting deposits from general public with a guaranteed return in clear violation of extant of the above laws.
Investigation further revealed that Rajesh Singh had acquired two plots at Adil Nagar Lucknow out of the funds received from the public and got constructed a multi storied residential complex over these plots.
Further investigation is in progress to attach other properties involved in money laundering and prosecute the persons involved under PMLA, the agency further said.
