During the investigation in connection with a Money Laundering case, the Enforcement Directorate attached Rs 34.7 lakh available in the bank account of the Udayanidhi Stalin Foundation.
The Directorate of Enforcement initiated investigations based on an FIR registered by Central Crime Branch-I, Chennai under various sections of the IPC. It was alleged that the complainant, Gaurav Chachra, Director of M/s Pettigo Commercio Internacional Lda, a subsidiary of the UK-based Lyca Group having a significant presence in India in the form of Lyca Productions, Lyca Hotels etc. had been defrauded of 114.37 Crore by the Kallal Group and its Directors/founders.
It was found that the fraud is actually of an amount of Rs. 300 Crore as the Lyca Group had also made other investments/ loans to the accused group and its entities without any due diligence or rationale. This resulted in searches at both the accused and complainants-related entities on 27.04.2023 and 16.05.2023 and led to the discovery of various incriminating pieces of evidence in the form of digital evidence, documents, properties, suspicious cash and hawala transactions which is still under the ED scanner and investigations.
To secure part of the proceeds of the crime ED has provisionally attached various immovable properties across Tamil Nadu, valued at Rs. 36.3 Crore and further attached Rs. 34.7 lakh available in the bank account of M/s Udayanidhi Stalin Foundation as it received the proceeds of crime amounting to Rs. 1 Crore. The trustees of the foundation failed to explain the rationale for the above receipt from the parties involved in the case.
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