TNN | Feb 18, 2013, 04.50 AM IST

http://timesofindia.indiatimes.com/india/ED-attaches-225-acres-of-land-under-PMLA/articleshow/18551246.cms

NEW DELHI: The Enforcement Directorate (ED) has attached 225 acres of land in Khargone near Indore and a villa in Lavasa under the provisions of Prevention of Money Laundering Act, 2002 in a case involving cheating, forgery and fraud by former employees of wind energy major Suzlon.

The Pune police had filed a chargesheet against these former employees of Suzlon based on complaint filed by one of the group companies of the wind energy player. The police invoked charges of cheating, forgery and other offences under the Indian Penal Code.

"These former employees were charged with cheating and defrauding the company by siphoning off revenues and laundering them through shell companies," ED sources said.

Shortly after the chargesheet was filed, the ED initiated money laundering investigations under the provisions of Prevention of Money Laundering Act, 2002 (PMLA).

Sources said investigation by the ED has shown that proceeds of crime were laundered through a network of companies in India and abroad and invested in a large number of properties.

Detailed investigations carried out by ED into the money trail revealed that the laundered funds were used to purchase large tracts of land near Indore. The large tract of land in Khargone and the villa in Lavasa were attached by the agency.

The ED is continuing its investigation in India and abroad and sources said this may lead to a number of attachments and prosecutions under PMLA.