Top Chennai Jeweller Anantha Padmanabhan’s property seized by ED

  • | Friday | 7th August, 2020

According to the ED, these immovable properties of Padmanaban, a Chennai based bullion trader and jewellery merchant, were attached under the provisions of the Prevention of Money Laundering Act, 2002, (PMLA) in a bogus import case involving AfrozFatta and RA Distributors Pvt. Ltd.

Properties worth Rs 7 crore of Anantha Padmanabhan, Chairman of the All India Gem & Jewellery Domestic Council (GJC), the national apex body of the gems and jewellery industry, were attached by the Enforcement Directorate (ED) in a bogus import case.

According to the ED, these immovable properties of Padmanaban, a Chennai based bullion trader and jewellery merchant, were attached under the provisions of the Prevention of Money Laundering Act, 2002, (PMLA) in a bogus import case involving AfrozFatta and RA Distributors Pvt. Ltd.

Investigations further revealed that Madanlal Jain, the main conspirator, had earned a commission for his role in the illegal transactions of foreign remittances made on the strength of fake bills of entry. Part of the commission to the tune of Rs 7 crore was routed to the bank account of NAC Jewellers (P) Ltd, a company controlled by Anantha Padmanaban.



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