The adjudicating authority set up under the Prevention of Money Laundering Act (PMLA), upheld the Enforcement Directorate?s (ED) provisional attachment order against 287 properties owned by Raju and his family members.
Confirming ED?s provisional attachment order of August 2009, the authority said ?We conclude that all the properties, both movable and immovable, under attachment are involved in money laundering and represent proceeds of crime.?
ED had filed an 11,000 page complaint with the authority against Raju and his 131 associates including his brothers Rama Raju, Suryanarayan Raju, their wives, sons, other family members and employees seeking confirmation of its provisional attachment order against 280 properties owned by Raju and his kins.
ED alleged that these properties were obtained through the ill-gotten gains from India ?s largest corporate fraud which included forgery of valuable security such as Fixed Deposits Receipts, bank statements.