The Enforcement Directorate (ED) has seized and attached immovable properties in two different cases in Tamil Nadu.
In the first case, the ED has attached three immovable properties — one bungalow on ECR and two agricultural lands in Tiruvannamalai, owned by Sri Lankan Nationals Gunasekaran, alias Perama Kumar, his son Dileep, alias Thileep amounting to ₹33.7 lakh in relation to a money laundering case recorded against certain Sri Lankans.
The accused Gunasekaran was charged of attacking former Sri Lankan Prime Minister Chandrika Kumaratunga.
The duo and others have committed offenses covered under the Foreigners Act, Passports Act, NDPS Act, and the Indian Penal Code (IPC). The accused individuals had created and used fake identity cards such as PAN, Aadhar, and driving licenses over a period and stayed illegally in India. The properties attached in the instant case are all purchased after 2011 and the accused were unable to explain the source of funds used in the purchase of the same. It was further revealed that the market value of the said immovable properties are much higher than the value mentioned in the documents.
The investigation also revealed that certain individuals were actively linked to the Liberation Tigers of Tamil Eelam (LTTE). Certain accused persons had been accused of murder and buying, selling of drugs, and other illegal activities in Sri Lanka.
In the second case, the ED has seized immovable property, the GV Complex at Thanjavur valued at ₹8.94 crore belonging to GV Films Limited, Chennai, under the provisions of Section 37A of the Foreign Exchange Management Act (FEMA), 1999, in connection with siphoning off foreign exchange in the guise of issuance of 6.4 million number of Global Depository Receipts (GDR) to the tune of ₹345.6 crore. However, the market value of the said property appears to be much higher, which is being ascertained from the competent authority.
Investigations revealed that GV Films Limited, with an intention to misuse the proceeds of GDRs, opened a bank account in Banco Efisa S.A. (Bank), Lisbon, Portugal, for the purpose of handling the GDR proceeds. Further, they had conspired with Whiteview Trading Corporation, a British Virgin Island Company. In line with the conspiration, Whiteview entered into a ‘Credit Agreement’ with the Banco Bank and availed a loan of US$ 40 million for the purpose of subscribing the GDRs of GV Films Limited.
According to details provided by the ED, GV Films entered into an ‘Account Charge’ agreement with the Banco and pledged entire GDR proceeds as collateral against the loan availed by Whiteview. By availing the loan, Whiteview Trading Corporation subscribed to the entire 6.4 million number of GDRs of GV Films, and GV Films pledged entire proceedings of US$ 40 million against the loan availed by Whiteview Trading Corporation.
Through this, GV Films has siphoned off US$ 40 million, equivalent to ₹172.8 crore, which is supposed to be repatriated to India. Further, GV Films Limited, as a part of the pre-plan, to siphon off foreign exchange, issued 16,00,00,000 underlying equity shares having the value of ₹172.8 crore representing the said 6.4 million number of GDRs and the same were sold in Indian market through the subscriber entities.
Further investigations are in progress in both the cases.
