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Enforcement Directorate, Chennai, has provisionally attached properties worth ₹150 crore of the city-based Gold Quest International in a case of money circulation business and cheating public under Prevention of Money Laundering Act (PMLA).
Based on various complaints, Tamil Nadu police registered a case in 2009 against Gold Quest for cheating public in selling gold coins and other articles at exorbitant prices citing that they are limited edition products having ‘numismatic’ value, says a press release issued by KSVV Prasad, Joint Director, ED Chennai.The company expanded its operations by luring public towards such articles and huge commissions were paid to marketing people.
ED Chennai registered an Enforcement Case Information Report in 2016 and investigations under PMLA were initiated. Company officials like Pushpam Appalanaidu, K Padma and Munnawar Ahamed were examined and voluntary statements were recorded.
Using proceeds of crime, several properties were acquired in the name of Gold Quest International, Quest net enterprises and Pallava Resorts Ltd, the release said.
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