Indian AML watchdog ED Crackdown on massive fund embezzlement of Manipur Development Society. In connection with a money laundering investigation carried out under PMLA, 2002 related to the massive fund embezzlement of Manipur Development Society (MDS), the Government of Manipur, Directorate of Enforcement (ED) has provisionally attached immovable and mobile properties worth Rs.3.12 crore belonging to Y Ningthem Singh and his associates.
Who filed the complaint?
According to the FIR dated 01.09.2017 filed by Imphal West Police under various sections of the IPC,1860 and section 13(2) of the Prevention of Corruption Act,1988, against officials of MDS and other people, there has allegedly been misappropriation of MDS funds totalling more than Rs. 169 Crore. This prompted ED to launch an investigation.
According to an investigation by the ED, Y. Ningthem Singh, the former project director of MDS, stole and misappropriated a sizable sum of money from the MDS account with the help of his associates. The stolen money was then transferred to and laundered through several Shell company accounts as well as those of other individuals and associates. Y. Ningthem Singh and his associates subsequently purchased a number of properties in various areas.
Six immovable assets worth Rs. 3.04 crore and Rs. 8,20,000 accessible in various bank accounts have both been attached by the ED in this regard. In this instance, the ED previously blocked eleven separate bank accounts on November 25, 2021, that belonged to the accused and had a balance of Rs 41,53,489/-. The probe is being expanded upon.
