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ED arrests Patliputra Builders’ MD in Patna in money laundering case, Real Estate News, ET RealEstate

ED arrests Patliputra Builders' MD in Patna in money laundering case, Real Estate News, ET RealEstate
NEW DELHI: The Enforcement Directorate (ED) has arrested a managing director of a Patna-based real estate company in a money laundering case linked to alleged misappropriation of public funds in allotment of flats, the agency said on Wednesday.

Anil Kumar Singh, MD of Patliputra Builders Limited, was taken into custody on September 7 and a special Prevention of Money Laundering Act (PMLA) court sent him to five-day ED custody on Tuesday.

The ED filed a criminal case under the anti-money laundering law after studying a Patna Police FIR and charge sheet against Singh where he has been accused of “defalcation of public money and non-allotment of flats to the buyers even after receiving money for allotment of flats.”

The agency alleged that Singh, all through the investigation, has “resorted to non-cooperation with the investigation and has not divulged any truth or information.”

About Rs six crore funds have been identified in this case as the proceeds of crime under the PMLA, it said.

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