KOCHI: The Directorate of Enforcement (ED) has attached assets worth approximately Rs 1.56 crore of a builders group in Thiruvananthapuram in a money laundering case, ED officials said on Friday.
The assets belonging to Samson and Sons Builders and Developers Pvt. Ltd., Thiruvananthapuram and other related persons were attached by the ED Kochi Zonal office on November 26 in connection with a money laundering investigation conducted under the Prevention of Money Laundering Act (PMLA), 2002, according to a press release issued by ED.
As part of the ongoing probe, the ED has provisionally attached 13 properties belonging to the accused, including 12 parcels of land and a residential flat located in Pattom and Karakulam, Thiruvananthapuram. The total value of the attached properties is approximately Rs 1.56 crore, the release said.
The investigation pertains to the allegations of cheating and misappropriation of funds by the company and its directors namely Jacob Samson, John Jacob, Samuel Jacob and Dhanya Mary Varghese under the guise of offering residential flats to homebuyers in Kerala.
The ED initiated an investigation based on FIRs registered by Peroorkada Police Station in Thiruvananthapuram alleging that the accused company and its directors collected substantial amounts from multiple homebuyers with false promises of delivering flats, which were never handed over, the release added.
The accused misappropriated funds collected from homebuyers, diverting them for personal gains instead of using them to complete the promised projects.
An investigation by the Enforcement Directorate revealed that the funds were neither utilised for constructing the flats nor refunded to the buyers, leading to significant financial losses for the investors.
The proceeds of the crime were funneled into the bank accounts of Samson and Sons Builders and Developers Pvt. Ltd. and its directors, the release said.
These funds were then used to acquire movable and immovable properties.
Some of these assets were transferred or hidden with third parties to evade detection by investigative agencies, it said.
Further investigation is under progress, the release stated.
