Gurugram ED Action: ED Action The Enforcement Directorate (ED) has taken a major action under the Money Laundering Prevention Act (PMLA) 2002 and has temporarily seized properties worth Rs 294.19 crore of Sunstar Overseas Limited and other related companies. These properties are in the form of land, buildings, flats and fixed deposit receipts (FDRs).
The purpose of this action of ED is to secure those properties which were allegedly acquired through illegal activities and money laundering. Sunstar Overseas Limited and other persons associated with it are accused of taking a loan from the bank through fraud and then misusing the money and investing it in various properties.
The company has committed many financial irregularities
The ED started investigating this case when they got information that the company had committed many financial irregularities. During the investigation, it was found that the company and its associated people were using various methods to hide the illegally collected money and make it look legitimate.
ED’s action is still going on
Apart from this, many flats and FDRs in the name of the company have also been seized. According to ED, the investigation is still going on. More properties can be seized in this case.
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