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The Enforcement Directorate has seized Rs 1.12 crore lying in the bank account while taking action under the Money Laundering Act in the fraud case of Arunachal Pradesh. On Monday, the ED said that it has seized deposits and shares worth Rs 1.12 crore while investigating under the PMLA Act in a case in Arunachal Pradesh.
This case is related to the fraud case in the Papum Pare district of Arunachal Pradesh on the pretext of high return on investment.
The Enforcement Directorate (ED) said that a provisional attachment order has been issued against Algo Academy and a few others under the Prevention of Money Laundering Act (PMLA).
The ED has said that the accused have transferred the illegally earned income to different accounts. They have used banking channels to hide their illegal income.
In its statement, the ED said that the probe agency has also identified 17 bank accounts of the accused, investments in two demat accounts and one fixed deposit account, which have been attached.
The money laundering case came to light after a police FIR registered against Algo Academy and unidentified persons at Bandardeva station in Papum Pare district of Arunachal Pradesh.