Enforcement Directorate Takes Action in Money Laundering Case: Attaches Properties Worth Rs. 31.88 Crore

In a significant development, the Directorate of Enforcement (ED) has provisionally attached immovable properties, including a school and a stone crusher, along with the corresponding land and buildings located in Haridwar and Roorkee. This action is taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

Investigation Reveals Assets Belong to Kishan Chand (IFoS) and Family

During the course of the investigation, it was uncovered that these two immovable properties, valued at Rs. 31.88 Crore, actually belong to Kishan Chand (IFoS) and his family members. The ED initiated the investigation based on an FIR registered by the Vigilance Establishment, Dehradun, Uttarakhand, related to the Disproportionate Asset (DA) case involving Kishan Chand, the then Divisional Forest Officer (DFO), and others.

Properties Identified as Proceeds of Crime

The ED’s investigation has brought to light that the properties attached are the proceeds of crime. Substantial amounts of cash and cheques, under the names of third parties, were deposited into various accounts. These funds were then utilized to acquire the properties, creating a facade of untainted assets.

Discrepancy in Financial Transactions Revealed

During the check period from January 1, 2010, to December 31, 2017, the accused, Kishan Chand, allegedly spent a considerable amount of Rs. 41.9 Crore to acquire/purchase movable and immovable properties, as well as on other expenditures. However, during this period, Kishan Chand’s reported income was only Rs. 9.8 Crore, revealing a stark contrast.

Kishan Chand Possessed Disproportionate Assets (DA)

As a result, Kishan Chand is suspected to have disproportionate assets (DA) to the tune of Rs. 32.1 Crore, considered as the proceeds of crime.

Ongoing Investigation

The ED’s investigation is currently underway, seeking to unveil more details in this money laundering case. Further updates will be provided as the investigation progresses.