Image used for representation purposes | Photo credit: PTI
The Execution Control Directorate (ED), the Chennai Zonal Office, has provisionally attached mobile and real estate properties in several places of Tamil Nadu, valued in ₹ 121.80 CRE, in the case related to Neomax Private Ltd. and its group companies, under the provisions of prevention of the Liberation Law of Money (PMLA), 2002.
The group companies are: Garlando Properties Private Ltd., Transco Properties Private Ltd., Trids Properties Private Ltd., Glowmax Properties Private Ltd.; Its directors/shareholders are: Kamalakannan, Balasubramanian, Feerasakthi, Charles and Esters. The market value of the attached properties is around ₹ 600 million rupees, ED said.
This follows the provisional attachment of the properties valued at ₹ 117 million rupees on December 15, 2023, which has been confirmed by the PMLA award authority; The market value of these properties was ₹ 207 million rupees.
The ED initiated the investigation based on a signed registered by the Wing of Economic Crimes (EW), Madurai, against Neomax Properties and its group companies. They were accused of deceiving several investors in Lakhs of deposit money in several projects (development of the real estate plot) by promising high yields with up to 12% to 30% interest, and not giving promised yields/suddenly.
The investigation revealed that, under the auspices of ‘Neomax Group’, they raised a large amount of money, mainly in the form of cash, thousands of investors, and diverted these funds to ghost entities and group companions, fastals such as hotels and resorts such as distribution of hotels, construction, retail businesses, department stores, aircraft services (helicopters/carter), and other businesses. Neomax Group owes around ₹ 8,000 million rupees, including the paid yields to depositors/investors.
In addition, they avoded the reimbursement and instead forced/convinced the depositors to redirect their expiration amount. Additional investigation is in progress, said the ED.
Published – April 18, 2025 05:06 PM IST