IT News
Imphal, Nov 8:
The Enforcement Directorate (ED) announced on Monday that it has attached immovable and movable properties worth Rs 3.12 crore belonging to one Y. Ningthem Singh and his associates in connection with an investigation into a money laundering case involving the Manipur Development Society’s massive fund embezzlement (MDS).
In 2017, the ED launched an inquiry against MDS officials and other people based on an FIR filed by Imphal West Police under various sections of the IPC and section 13(2) of the Prevention of Corruption Act.
There were charges of misuse of MDS funding over Rs 169 crore.
During the investigation, the ED discovered that Singh, the then-Project Director of MDS, embezzled and misused a large sum of money from the MDS account in criminal collusion with his colleagues.
Later, these misdirected funds were moved and laundered into the accounts of numerous shell companies and other accomplices. Y. Ningthem and his associates purchased multiple properties in various areas.
The ED has attached six immovable assets worth Rs 3.04 crore and an amount of Rs 8,20,000 held in various bank accounts.
In this instance, “the ED had previously frozen eleven different bank accounts associated with the accused suspects on November 2021 with a balance value of Rs 41,53,489,” an official said.
