Enforcement Directorate officials today arrested a Mumbai-based businessman under Prevention of Money Laundering Act (PMLA) in connection with a Rs 19 crore bank fraud case.
The businessman, Ajit Jain, was arrested today and has admitted to charges of laundering the money that was fraudly taken from the bank, ED Joint Director K S V V Prasad said.
Acting on a complaint from public sector Canara Bank, ED had earlier arrested Managing Director of Future Techniks Ltd M Balasubramanian, its Director Chitra Balasubramanian, and the Chief Manager of Canara Bank (Ambattur branch).
Later Jagadeesha and actress Leena Maria Paul, also accused in the case, were arrested in New Delhi.
Jain admitted to the crime stating that he was instrumental in laundering of Rs 19 crore. He was arrested under the provisions of PMLA, 2002 and now lodged in Central Prison, Puzhal, he said in a release.
Through Future Techniks Ltd, the money launderer Ajit Jain of Mangal Royal Jewels Pvt Ltd., was instrumental in laundering the proceeds of the money.
The ED joint director said that the proceeds of crime of about Rs 19.21 crore were transferred to six Mumbai-based companies and the amounts were used for several purposes.
"Two provisional attachment orders were issued so far attaching amount of Rs 13 crore available in various bank accounts and nine luxury cars worth about Rs seven crore. Both the orders were confirmed by PMLA Adjudicating Authority, New Delhi", he said.
Investigations revealed that Ajit Jain and Meghraj Jain of Mangal Royal Jewels, were instrumental in laundering of the money, he said.
The duo received the money from Future Techniks in the name of several "dummy" companies and paid the master mind Sukash Chandrasekar on commission basis, he added.
