ED Cracks Down on People's Group with Rs 280 Crore Asset Seizure

The Enforcement Directorate (ED) has attached assets worth Rs 280 crore belonging to the Bhopal-based Peoples Group in a money laundering probe. These assets include shareholdings and residential property allegedly acquired with FDI. Earlier, Rs 230 crore in assets were attached.

The Enforcement Directorate (ED) announced on Friday that it has attached assets amounting to Rs 280 crore from the Bhopal-based Peoples Group. This move comes as part of an ongoing investigation into alleged money laundering activities.

A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to seize shareholdings owned by the implicated individuals in Peoples International and Services Pvt Ltd, PGH International Pvt Ltd, and Peoples General Hospital Pvt Ltd. Additionally, a residential property in Bhopal, Madhya Pradesh, and several bank account deposits are part of the assets seized, the ED stated on Friday.

The allegations indicate that the group misused FDI, received from foreign investors, to enrich themselves while adversely affecting shareholder interests. A charge sheet has been filed, following the Registrar of Companies' (RoC) charge sheets against the companies.

(With inputs from agencies.)