ED seizes PFI bank accounts in money laundering case

01 June 2022 19:45 STI

New Delhi [India]Jun 1 (ANI): The Law Enforcement (ED) Directorate said on Wednesday that it had provisionally seized at least 33 bank accounts of the Indian People’s Front (PFI) and its organization Rehab India Foundation (RIF) in the ongoing investigation against them in the money laundering case.
A total amount of Rs 68,62,081 was thus provisionally seized under Section 5 of the Prevention of Money Laundering Act 2002.
“ED has provisionally seized 23 PFI bank accounts having a collective balance of Rs 59,12,051 and 10 bank accounts of PFI’s front organization, RIF, having a collective balance of Rs 9,50,030 in the ongoing investigation into the money laundering against PFI and its related organizations,” the polling firm said in a statement.
The ED investigation revealed that a huge sum of money, including money from dubious sources, was received by PFI and RFI.
“An amount of more than Rs 60 Crore has been deposited in PFI accounts, which includes a cash deposit of more than Rs 30 Crore since 2009. Similarly, approximately Rs 58 Crore has been deposited in RIF accounts since 2010,” he said. .

Further, an investigation by ED revealed that PFI, in active collusion with other associated defendants, engaged in the laundering of proceeds of crime under section 3 of the PMLA, 2002.
“Proceeds of crime mobilized in the form of cash were deposited into his bank accounts by falsely projecting them as cash donations from supporters/members. the proceeds of crime were mobilized in the form of cash and deposited by PFI leaders in the bank accounts of various people and immediately afterwards these funds were transferred from the bank accounts to the PFI bank account,” the official said. ‘ED.
The investigation also revealed that PFI secretly raised funds through a well-organized network in the Gulf countries as part of a criminal conspiracy and that these proceeds of crime were secretly and clandestinely sent to India through clandestine and illegal transfers of foreign funds to the bank accounts of supporters, office bearers, members and their relatives and associates in India and subsequently these funds were transferred to the bank accounts of PFI, RIF, other individuals and entities.
“In this way, the proceeds of crime were placed, layered and embedded and therefore projected as uncontaminated money into the bank accounts of PFI as well as RIF. This was done as part of a larger criminal conspiracy. wide of PFI and its associated entities to raise funds in the country and abroad to carry out various illegal activities which resulted in the registration of numerous FIRs/complaints against them for the commission of planned offenses over the time and filing indictments and sentencing of its members/leaders,” the polling firm added.
ED has already filed a Complaint for Prosecution on 6th February 2021 and an additional Complaint for Prosecution on 6th May 2022 against members or leaders of PFI and Campus Front of India at the PMLA Special Court in Lucknow.
The Court recognized the offense of money laundering against all the defendants. (ANI)

Shawanda H. Saldana