The Enforcement Directorate (ED) on Thursday said it has attached assets worth Rs 23.75 crore belonging to Venugopal S, proprietor of Kechery Enterprises, along with Bindhu Venugopal S.
The action was taken in connection with a money laundering case pertaining to the collection of illegitimate deposits from the public amounting to Rs 240 crore.
The attached assets, totalling Rs 23.75 crore, include immovable properties worth Rs 9.23 crore and movable properties worth Rs 14.52 crore.
The ED investigation revealed that the accused person, while accepting deposits from the general public, promised high returns ranging from 15 to 18 per cent per annum.
They also assured investors that Kechery Enterprises had the recognition of RBI and that the investments were secure, with the option to withdraw the investments at any time.
The accused claimed that his business entity had obtained all necessary approvals from the state and Central governments.
More than 1,000 individuals were deceived in Kerala, leading to FIRs being filed against the accused by the Kerala Police.
Further investigation exposed that Venugopal S, in connivance with key employees of K-Chery Chits Pvt. Ltd, had diverted the collected funds from the public to his other business entities without any legitimate reason.
Additionally, the funds were used for land acquisition and construction of buildings in his name. Venugopal S, proprietor of Kechery Enterprises and MD of other Kechery group business entities, was previously arrested by the ED and is currently in judicial custody.
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