ED attaches amount of Rs 80 crore in Devas Multimedia case

The Enforcement Directorate has attached an amount of Rs 79.76 crore in the Antrix-Devas case. The ED said that said that the attachment was done under the provisions of the Prevention of Money Laundering Act.

The ED had in June 2016 initiated action to attach assets of the accused as part of its money laundering probe. The agency had slapped Rs 1,200 crore FEMA violation notice in the case.

The agency had identified and evaluated



the movable and immovable properties of a number of people in the case. The agency had said that the assets will be frozen as part of its investigation in the deal under the provisions of the PMLA.

The ED had been probing the case for forex violations and also issued show cause notice for alleged violations of Rs 1,200 crore to Devas Multimedia Private Limited, Antrix Corporation and others under the Foreign Exchange Management Act.