Money laundering: ED attaches VGN Developers' properties worth Rs 1.15 bn

The immovable property in the form of land to the extent of 10.46 acres in Guindy, Chennai was purchased by VGN Developers in 2013 from Hindusthan Teleprinters Ltd

ED Chennai has provisionally attached immovable properties of VGN Developers Pvt. Ltd in Guindy, Chennai to the extent of Rs 1.15 billion under the provisions of Prevention of Money Laundering Act, 2002(PMLA).

The immovable property in the form of land to the extent of 10.46 acres in Guindy, Chennai was purchased by VGN Developers Pvt. Ltd in 2013 from Hindusthan Teleprinters Ltd (HTL), a Government of India Undertaking. A case was registered by CBI, ACB, Chennai against VGN Developers Pvt. Ltd for causing wrongful loss of Rs 1.15 billion to Government of India with the acquisition of 10.46 acres of vacant