In Thailand, UAE, USA: ED attaches 30 overseas assets in in Rs 4500 crore Pancard club investment fraud
The Enforcement Directorate (ED), Mumbai has provisionally attached 30 overseas assets in connection with the Rs 4,500 crore Pancard club investment fraud, the agency said on Thursday.
The attached assets, of which 22 are in Thailand, six in UAE and two in USA, are held in the name of overseas subsidiaries of M/s Panoramic Universal Ltd, Mumbai (PUL) and accused (late) Sudhir Moravekar.
ED said that these assets were acquired by making total payments equivalent to Rs 54.32 crore during the period from 2002 to 2015. ED’s action is based on the criminal case Mumbai police Economic Offences Wing (EOW) had filed. While the said properties are located in a foreign country, following due procedure ED through the Indian government can send a request under Mutual Legal Assistance Treaty (MLAT) to ...