The Enforcement Directorate on Friday received the green signal from the PMLA court, Mumbai to confiscate properties worth Rs 89.56 crore of Speak Asia Online Pvt. Ltd.
A case was registered by the Mumbai Police in 2011 based on which ED initiated an investigation against Speak Asia Online Pvt.Ltd., Singapore, its directors and others as per the money laundering act. The investigation conducted by the Enforcement Directorate revealed that Speak Asia Singapore in connivance with its foreign associate Haren Venture Pvt. Ltd. (HVPL), Singapore and its three representatives in India namely Tulsiyat Tek Pvt. Ltd., Mumbai, Kritanj Management and Allied Services, Mumbai and Seamless Outsourcing LLP, Mumbai floated a web-based online money circulation scheme through its website.
"Money collected from gullible investors in the guise of subscription fee for online survey was sent out to Singapore in the bank account of M/s. HPVL, Singapore. During the investigation in this case of money laundering, the Enforcement Directorate identified the proceeds of crime and attached Rs 89.56 crores in Current account of M/s. Seamless Outsourcing LLP, Mumbai in March 2015," said an ED official.
After the investigation, the Enforcement Directorate had filed the prosecution complaint (charge sheet) against the said company and 7 others for the commission of offence under Section 3, punishable under Section 4 of the PMLA, 2002 before the Mumbai court.
The partner of Seamless Outsourching LLP, Mumbai failed to appear before the PMLA Special Court despite issuance of non-bailable warrant against him. On the application moved by the Enforcement Directorate, the PMLA Court declared Mansoor Nizam Patel, a 'proclaimed offender'. Thereafter, ED filed an application in the PMLA Court for the confiscation of a bank deposit of Rs 89.56 crore, following which the court allowed the same.
This is the first case where the ED has been able to confiscate liquid cash of such magnitude.