ED arrests son of late KC Mani under PMLA

The Enforcement Directorate (ED) on Tuesday arrested Mani Anbazhagan, son of late DMK minister KC Mani, on the charges of money laundering.

He has been arrested under the Prevention of Money Laundering Act (PMLA) - 2002. He was has been remanded in judicial custody for 15 days and lodged in Central Prison, Puzhal, Chennai.

The Chennai Police on March 6 filed an FIR in this case and the ED investigated the case based on the FIR.

The FIR was filed on the basis of complaint received from Indian Bank, Thousand Lights Branch, Chennai, regarding outward remittance to the tune of approximately Rs. 78 crore by eight current account holders using forged bills of entry to the bank.

The ED investigation found that foreign exchange to the tune of Rs. 78 crore (approx.) was remitted by eight Shell entities upon production of forged bills of entry without any physical imports.

All the business and residential premises of the eight entities including that of the residential premises of Mani Anbazhagan who is suspected to have acted as single point contact were searched by Enforcement Directorate.

The identity proof for the KYC submitted to Indian Bank was found to be fictitious on cross verification with the concerned Government Authorities. The bank officials, who received the account opening forms (AOF) for all the eight accounts stated that they have received them from Mani Anbazhagan.

He admitted facilitating opening of the all the eight Current accounts with Indian Bank, said the ED.

A total of Rs.97,52,99,090.48 was deposited in bank through these companies. Following which foreign exchange remittances to the extent of USD11,267,521.50 equivalent INR 75,50,71,724.00 was fraudulently made on the basis of forged import documents without making any actual imports. The balance amount of Rs.20 crore lying in the bank accounts was attached then by the Enforcement Directorate.