ED attaches assets worth Rs 173 crore to business partners Santiago Martin – The New Indian Express

By Express press service

KOCHI: Directorate of Law Enforcement (ED) investigating money laundering aspect in lottery scam attached properties worth Rs 173 crore belonging to lead defendant Santiago Martin and its associated companies.

Attached assets include movable property in the form of bank accounts and land located in various parts of Tamil Nadu owned by Martin and his business partners. The ED opened an investigation under the provisions of the Prevention of Money Laundering Act (PMLA) after the CBI Anti-Corruption Unit in Kochi filed an indictment against Martin in the lottery scam.

According to a statement, an investigation revealed that MJ Associates partners Martin and N Jayamurugan made an illegal gain, with a corresponding loss of Rs 910.29 crore to the government of Sikkim, by inflating the claimed amounts of the tickets. winners between April 2009 and August 2010, which is a crime under various sections of the PMLA.

Martin and others invested some of the proceeds in real estate by starting various companies. So far, four interim orders have been issued for the seizure of properties worth Rs 278 crore, according to the statement.

According to the ED, Martin had maintained a credit balance of Rs 20.22 crore in his various bank accounts. That aside, the companies have acquired real estate worth Rs 153.26 crore with the loans and advances made by Martin and his family members to launder the proceeds of crime, which amounts to Rs 910 .29 crore.

Further investigation is underway and attempts are being made to identify more movable and immovable property acquired by Martin, his family members and business partners, according to the statement.