The Directorate of Enforcement (ED), Chennai Zonal Office, has provisionally attached movable and immovable assets worth Rs121.80 crore belonging to Neomax Properties Private Ltd. and its associated group companies. The action was taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The seized properties are located in various parts of Tamil Nadu, and their market value is estimated at around Rs600 crore, according to an official ED statement.
The companies under scrutiny include:
Neomax Properties Pvt. Ltd.
Garlando Properties Pvt. Ltd.
Transco Properties Pvt. Ltd.
Tridas Properties Pvt. Ltd.
Glowmax Properties Pvt. Ltd.
The directors and shareholders of these entities — Kamalakannan, Balasubramanian, Veerasakthi, Charles, and others — are being investigated for alleged involvement in a large-scale real estate investment fraud.
The ED initiated the action after identifying suspicious money flow patterns, and the properties have been attached pending further investigation under the PMLA.