The Enforcement Directorate (ED) has provisionally attached movable and immovable assets worth ₹84.24 crore in the multilevel marketing (MLM) scheme case of M/s KBC Multitrade Pvt. Ltd. & Ors under the Prevention of Money Laundering Act (PMLA), 2002, on March 19, an ED official said in a statement. The assets are located in Nashik, Thane, Sindurgarh, and Pali districts among other areas across Maharashtra and Rajasthan.
The attached assets include movable and immovable assets including the benami properties acquired by the promoters Bhausaheb Chhabu Chavan, Arati Bhausaheb Chavan, and others, DEMAT Accounts, Post Office savings, silver and diamond jewellery/ bullion, and bank account balances.
Officials from the ED said that the investigation was initiated based on several FIRs registered in Parbhani, Nashik, and other districts across Maharashtra under various sections of IPC, 1860 against M/s KBC Multitrade Private Ltd. and its promoters, Bhausaheb Chhabu Chavan and Arati Bhausaheb Chavan.
