National

ED attaches assets worth Rs 3.10 cr in connection with money laundering case

ANI | July 19, 2019 06:47 PM
Representative Image

Bengaluru (Karnataka) [India], July 19 (ANI): The Enforcement Directorate (ED) on Friday attached the assets worth Rs 3.10 crore of a private company under the Prevention of Money Laundering Act (PMLA) here.

According to the agency, the action was initiated on the basis of an FIR and charge-sheet filed by the Central Bureau of Investigation (CBI) against Bengaluru based Devas Multimedia Pvt Ltd (DMPL) and others for illegally entering into an agreement with Antrix Corporation Ltd (ACL), a commercial arm of the Indian Space Research Organisation (ISRO), by collecting investments from abroad through criminal conspiracy.

"The company had fraudulently made a claim that it had the ownership and intellectual property rights to use the technology for delivering multimedia services and entered into an agreement with ACL for providing multimedia services in India and raised foreign investments," ED said in a statement.

During the investigation, it came to light that the agreement was illegal as the company didn't have any technology or ownership of intellectual property rights to deliver the multimedia services.

"DMPL never did any major business in India other than providing Internet Services to about 20 -25 Customers in Bangalore. However, nearly 85 per cent of the foreign investment raised was siphoned off out of India in the guise of investment/services/fee," ED added. (ANI)

Have something to say? Post your comment
Must Read
Punjab Cabinet okays revision of river/canal water charges for non-agriculture purposes
Punjab Cabinet okays revision of river/canal water charges for non-agriculture purposes
Water supply and sanitation dept honoures 200 officials and employees for great services during Gurpurab celebrations
Water supply and sanitation dept honoures 200 officials and employees for great services during Gurpurab celebrations
Clean environment and sports are our priority: MP Chaudhary
Clean environment and sports are our priority: MP Chaudhary
 Playing D/N Test in India, a victory for world cricket: Rajeev Shukla
Playing D/N Test in India, a victory for world cricket: Rajeev Shukla
INX Media case: Court allows ED to quiz Chidambram on Nov 22-23
INX Media case: Court allows ED to quiz Chidambram on Nov 22-23
Time line to pay outstanding house tax or property tax extended by three months: Brham Mohindra
Time line to pay outstanding house tax or property tax extended by three months: Brham Mohindra
Centre's Financial Intelligence Unit extends support to Punjab Police to trace Foreign terror funding sources
Centre's Financial Intelligence Unit extends support to Punjab Police to trace Foreign terror funding sources
Bankers’ committee meet exposes Captain government’s claims over farm loan waiver: Kultar Singh Sandhwa
Bankers’ committee meet exposes Captain government’s claims over farm loan waiver: Kultar Singh Sandhwa
SC asks Army to take decision on granting permanent commission to 8 women officers
SC asks Army to take decision on granting permanent commission to 8 women officers
PM Modi condoles demise of UAE President's brother
PM Modi condoles demise of UAE President's brother
International Olympiad on Critical Life Skills on 14th & 15th December 2019
International Olympiad on Critical Life Skills on 14th & 15th December 2019
K'taka: Farmer finds unique, low-cost method to save crops from wild animals
K'taka: Farmer finds unique, low-cost method to save crops from wild animals