The Enforcement Directorate (ED) attached immovable properties worth Rs 15 crore of a businessman, S Rajendran alias Good Luck Rajendran, from Chennai, in a case of illegal remittance of US$ 19.7 million abroad.
The properties were attached under the provisions of Prevention of Money Laundering Act, 2002 (PMLA).
Earlier, the Economic Offence Wing of Central Bureau of Investigation (CBI), Chennai, had registered a cheating case against Rajendran and two other people named S. Naganathan and Chockalingam.
A charge sheet was also filed against them for having sent the foreign exchange through a company by name Star Forex India Pvt. Ltd. Chennai/Mumbai.
As per reports, the three had obtained a Full Fledged Money Changer (FFMC) license in the name of Star Forex India Pvt. Ltd, from the Reserve Bank of India (RBI) by furnishing bogus documents.
In the investigation under PMLA, it was revealed that S Rajendran in connivance with his brother S. Naganathan and others have purchased a number of properties, out of the commission earned from the above mentioned illegal remittances.
The said properties were transferred in the name of his wife under gift deed and the same were pledged with the banks and obtained loans.
He later used to invest the loan amounts in various companies opened by him.
The properties include attached by the ED includes a residential flat in Chennai; two agricultural lands, three residential buildings, one Kalyana Mandapam and five residential plots.