The Enforcement Directorate (ED) has provisionally attached movable and immovable properties worth ₹173.48 crores in the case registered against Santiago Martin and others under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The properties included bank accounts and land in Tamil Nadu in the name of Martin and that of his various companies. The ED had initiated investigation under the provisions of the PMLA based on the charges filed by the Kochi unit of the Central Bureau of Investigation (CBI).
Investigation under the PMLA revealed that the partners of M/s. M J Associates, Martin and N. Jayamurugan made unlawful gain, inflicting the Government of Sikkim with a loss to the tune of ₹910,29,87,566 on account of inflating the prize-winning tickets’ claim for the period between April, 2009 and August 31, 2010, attracting Section 2(1)(u) of the PMLA.
Martin and others had allegedly invested the proceeds in immovable properties by floating various companies by joining with his family members or through his family members to project the same as untainted properties involved in the money laundering. So far, four provisional attachment orders have been issued for the attachment of properties worth ₹278 crores.
Martin had maintained a credit balance of ₹20.22 crores in various bank accounts. In addition, the aforesaid companies have acquired immovable properties worth ₹153.26 crores from the loans and advances given by Martin and his family members with the intention of laundering the proceeds of the crime. Further investigation is on.
