The Enforcement Directorate (ED) has attached properties worth Rs 185 crore of Frost International Limited and its promoters and directors and its group companies in connection with its money laundering probe.
An ED official said that the agency has attached immovable properties worth more than Rs 185 crore of Frost International Ltd, its group companies Globiz Exim Pvt Ltd, NSD Nirman Pvt Ltd and RS Builders and promoter and directors of the company under the provisions of the Prevention of Money Laundering Act (PMLA).
The properties to the tune of Rs 185 crore are spread in Kanpur, New Delhi, Gurugram, Mumbai, Kolkata and Tamil Nadu in the name of the Frost International Pvt Ltd, its group companies and promoter and directors and their relatives.
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The official said that the evidence collected proved that Frost International Limited and its group companies indulged in commission of the offence of money laundering and have diluted the proceeds of crime available with the company to various other businesses related and non-related entities.
He said that during the probe it was found that they also diverted the bank funds and used it for acquiring assets in the name of the Frost group of companies and related persons or entities.
The ED case is based on the FIR registered by the Central Bureau of Investigation (CBI) registered on January 1 last year.
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The ED has recorded the statement of several people associated with the company and collected documents from various authorities including banks, district property registration authorities and then scrutinised.
