The Enforcement Directorate (ED) announced on Friday that it has taken possession of 100% shares of MGM Maran and MGM Anand in four MGM group firms and a 3.31% stake in Tamilnad Mercantile Bank (TMB) under the Prevention of Money Laundering Act (PMLA). The ED invoked Section 8(4) of PMLA, alleging that during Maran’s tenure as Chairman of TMB in 2007, he and other officials facilitated unauthorized overseas share sales and acquired undisclosed foreign assets of Rs 293.91 crore. The ED claims Maran attempted to move his wealth outside India to evade Indian law enforcement, obtaining Cyprus citizenship in 2016.
Enforcement Directorate Seizes Assets of Maran and Anand, Including Stake in TMB, Under PMLA
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