New Delhi, Mar 27 (IANS): The Enforcement Directorate (ED) on Friday said that it has attached 14 immovable properties worth Rs 7.5 crore belonging to C.C. William Verghese, his family members and his companies namely BRD Group of Companies, in a cheating case.
The ED case is based on the FIRs registered by Kerala Police against Verghese, Managing Director of BRD Group Companies, other directors and the BRD Group companies -- BRD Securities, BRD Finance Ltd, BRD Motors Ltd and BRD Car World Ltd on the basis of complaints lodged by the share holders.
The ED had earlier carried out searches at the residence of Verghese and the offices of the BRD Group Companies on January 29 this year and seized several incriminating documents. Verghese was arrested by the ED on February 8.
An ED official said that money laundering investigation revealed that Verghese and others collected huge amount of money from various persons or public as deposits or investments by assuring them 18 per cent interest or returns per annum.
Verghese was arrested in connection with a cheating case. A PMLA court then sent him to seven days' ED custody.
An ED official said that Verghese was arrested from Thrissur district in Kerala on February 8 under Prevention of Money Laundering Act (PMLA).
The ED registered a case on the basis of FIR filed by Kerala Police.
The complainants alleged that they were persuaded by Verghese and others to invest money in various firms promoted by him in the BRD Group companies namely -- BRD Finance Ltd, BRD Securities Ltd, BRD Motors Ltd -- promising 18 per cent returns per annum.
The ED official said that there are around 140 FIRs registered in Kerala during 2018 and 2019 on similar allegations.
The official said that the financial probe agency collected documentary evidence and statements of various persons recorded under PMLA.
Investigation revealed that Verghese had collected money from various investors to the tune of Rs 10.79 crore and used the same amount for acquisition of immovable properties and projected them as untainted.