The Enforcement Directorate (ED) has arrested four persons, including the chairman-cum-managing director of Chennai-based Disc Assets Lead India Limited, in connection with an alleged collective investment scheme fraud involving over ₹1,100 crore.
The accused have been identified as N.M. Umashankar, CMD of Disc Assets Lead India, its managing director V. Janarthanan and director N. Arunkumar, besides Saravanakumar, a director of Dal Marketing Solutions.
The ED case is based on an FIR registered by the Economic Offences Wing of the Tamil Nadu police, on the allegation that the company collected money under various schemes. The customers were asked to pay a fixed amount every month for a fixed period, by the end of which they were promised land parcels. However, it is alleged that the company never allotted any land.
The SEBI had initiated an inquiry against the company as its permission had not been sought for the investment scheme. The company then started collecting funds through another firm named Dal Marketing Solutions, it is alleged. The total amount declared to have been collected was ₹1,137 crore.
However, the agency found inconsistencies in the data submitted by the directors and the figures received from banks.
It is alleged that funds were diverted in the form of investment in various subsidiaries, royalty, donations, land advance and commission to many entities, including their immediate family members, relatives, employees and key managerial personnel, said the agency.
