Images for representative purposes | Image source: PTI
Chennai Regional Office Enforcement Bureau (ED) Bureau temporarily attached movable and immovable properties worth Rs 12.18 billion in various places in Tamil Nadu, cases related to NeoMax Properties Properties Private Ltd. and its group companies, according to the forecasts of the Currency Currency Company, PMLA Act (PMLA Act (PMLA), 2002), 2002, 2002.
The group company is: GlowMax Properties Properties Private Ltd. Garlando Properties Private Ltd. of Transco Properties Private Ltd.; its directors/shareholders are: Kamalakannan, Balasubramanian, Veerasakthi, Charles, etc. The market value of the attachment property is about Rs 6 billion, ED said.
This is a temporary attachment to properties on December 15, 2023 in the emergency room, worth Rs 117 crore, which has been confirmed by the PMLA ruling authorities; the market value of these properties is Rs 207 crore.
ED According to the Ministry of Economic Crime (EOW), Madurai conducted an investigation into the FIR registered by NeoMax Properties and its group companies. They were accused of cheating several investors, by promising interest of up to 12% to 30% without giving promised returns/parks, thereby depositing hundreds of thousands of dollars in funds into various projects (real estate plot development).
The survey shows that under the Aegis of the “NeoMax group”, they collected a large amount of money, mainly in the form of cash, collected from thousands of investors, and transferred the funds to service companies and group companies in Shell and resorts engaged in hotels and resorts, multiple special hospitals, multiple hospitals, construction, construction commerce, retail commerce, retail stores and other businesses. Neomax Group owes about Rs 8,000 crore, which includes promised depositors/investor returns.
Furthermore, they avoid repayment and instead force/coax depositors to re-deposit their maturity. ED said further investigations are underway.
publishing – April 18, 2025 05:06 pm ist
