The Directorate of Enforcement (ED) has filed a prosecution complaint under the Prevention of Money-Laundering Act (PMLA), 2002, against five former office-bearers of Nav Bharat Grah Nirman Cooperative Society Ltd., Indore, for allegedly causing a wrongful loss of Rs 4.64 crore to the housing cooperative.
The complaint, filed before the Special PMLA Court in Indore, names Shrikant Ghante, Subhash Chandra Dubey, Rakesh Jain, Antim Joshi and Anand Shah. The court has issued notices for a pre-cognizance hearing.
According to the ED, its investigation, based on an FIR registered by MG Road Police Station, revealed that the society’s chairman, vice-president and board members fraudulently sold land purchased with cooperative funds to different entities and siphoned off the proceeds. The diverted money was allegedly layered and used to acquire immovable properties.
Earlier, the ED had provisionally attached assets worth Rs 64.16 lakh linked to two of the accused. The agency said further investigation into the cooperative housing scam is underway.
