The Enforcement Directorate (ED) has taken action by provisionally attaching assets worth Rs 6.79 crore in Odisha, Gujarat, Chhattisgarh, and Rajasthan. These assets are linked to Micro Finance Limited, Micro Leasing and Funding Limited, Micro Construction Private Limited, their directors, and others. The case involves alleged cheating of the public through the illegal raising of public deposits.
Under the Prevention of Money Laundering Act (PMLA), the attached assets include bank balances totaling Rs 0.75 crore and immovable assets valued at Rs 6.04 crore. The ED initiated the investigation based on an FIR and chargesheet filed by the Central Bureau of Investigation (CBI) in Kolkata.
According to the ED investigation, Micro Finance Limited and Micro Leasing and Funding Limited, represented by their directors, allegedly collected public deposits illegally through enticing schemes. Subsequently, they concealed these funds by investing in properties and layering funds into other group companies, including Micro Construction Private Limited. Funds were also diverted to Nandini Kalinga Dairy Limited (a sister concern of Mahavir Dairy and Agro Processors Limited), AM Enterprises, and Gauri Vinayak Builders and Developers Private Limited.
This action comes after the ED had previously attached properties worth Rs 218 crore belonging to Micro Finance Limited and others, a decision confirmed by the Adjudicating Authority of PMLA. On August 31, 2020, the ED filed a prosecution complaint against the company and others, followed by a supplementary prosecution complaint on December 26, 2022.
