ED provisionally attached moveable properties worth Rs.1.12 Crore of M/s. Algo Academy

The Directorate of Enforcement (ED) has provisionally attached moveable properties totalling Rs. 1.12 Crore in the form of bank accounts/ term deposit/ shares in DEMAT accounts belonging to the various accused persons and their entities in respect of M/s. Algo Academy & Unknown under the Prevention of Money Laundering Act (PMLA), 2002.

On the basis of a FIR filed by the Banderdewa Police Station in Arunachal Pradesh under various sections of the IPC, 1860 against M/s. Algo Academy and unidentified persons, the ED began an inquiry into money laundering. Examination of the aforementioned FIR showed that the accused individuals had deceitfully promised huge profits in order to entice the naive residents of Arunachal Pradesh to make investments. Police have also submitted charge sheets.

According to an investigation by the ED, some of the Proceeds of Crime created by the accused defendants were stacked by transferring the money to multiple bank accounts, using banking channels to hide the true source of the contaminated funds. Along with the balances in 17 bank accounts held with various banks in the names of the suspected persons and their entities, investments in two DEMAT accounts and a term deposit that were related to the bank accounts of the suspected persons were also found and attached.

Further investigation is in progress.