The AML Watchdog has seized the different properties of K N Marzook under Prevention of Money Laundering Act 2002.
Who filed the complaint?
ED has attached the properties against K N Marzook & Others that amounted to Rs. 6 Crore. It has initiated money laundering investigation against K N Marzook. In this case the Enforcement Directorate (ED) has temporarily seized moveable and immovable properties worth Rs. 6.03 crores in accordance with the Prevention of Money Laundering Act (PMLA), 2002. K N Marzook was the ex-chairman of Kerala Industry.
There are different entities involved in the allegations. There are variety of movable and immovable properties attached in the name of him. The attached properties include a variety of movable and immovable assets in the names of M/s. Kerala Chamber of Commerce and Industry (KCCI) and M/s. Cherupushpam Films Private Limited, including bank accounts, lands, and residential and commercial space in the Kerala Trade Centre (KTC) building in Ernakulam. Some of the immovable properties were also under the name of K N Marzook.
Who is Enforcement Directorate?
The Enforcement Directorate is regarded as the law enforcement agency and also it is an intelligence agency that is wholly liable for taking the financial as well as the economic crime that took place in India.
It is a multi-disciplinary organization that investigates the cases that are related to money laundering.
Allegations against K N Marzook
This case were the subjects of a money laundering probe by the ED after the Central Police Station in Kerala’s Ernakulam district filed an FIR.
The ED inquiry found that he had abused his authority by forcing KCCI to enter into sales agreements with KTC’s purchasers and by accepting cash payments from several purchasers for leasing space in Kerala Trade Centre buildings.
Investigation of K N Marzook Case
Investigation results showed that he got large cash payments from potential bidders. It was the changing point to the family. They used proceeds from the sale of KTC building space to launch India Middle East Broadcasting Network, a private TV station (IMBEN).
Conclusion of K N Marzook Case
Due to his participation, the Ministry of Information and Broadcasting barred this TV channel from airing. ED has carried out an in detailed investigation on K N Marzook as a whole. He collected huge sum of money from the different prospective buyers. Additionally, it was discovered he who transferred millions of rupees from KTC accounts to KCCI and IMEBN accounts. Further research is now being conducted.
