In accordance with the provisions of the PMLA, 2002, the Directorate of Enforcement (ED) has seized control of immovable assets belonging to M/s. Munnar Villa Vista Pvt Ltd. with a book value of Rs. Four unsold Munnar Villa Vista Project villas totalling 338.03 square metres and 6.75 acres of undeveloped land are among the properties whose possession has been seized. On January 7, 2023, ED issued a provisional attachment order for the properties, and on June 30, 2023, the Ld. Adjudicating Authority affirmed that order.
On the basis of the FIR and Charge Sheet filed by the NIA in Kochi before the Special Court for the Trial of NIA Cases in Ernakulam, Kerala, ED launched an investigation. According to the aforementioned FIR and Charge sheet, a group of PFI and SDPI activists conspired criminally to train their cadres in the use of explosives and weapons and set up a terrorist camp in Narath in the Kannur District. More FIRs were subsequently filed under the purview of the PMLA investigations in the case against PFI members and its affiliated organisations.
An investigation by the ED found that PFI leaders and members connected to foreign entities were building the Munnar Villa Vista Project (MVVP) in Munnar, Kerala, with the intent of laundering funds raised both domestically and abroad and using the proceeds to finance PFI’s radical activities. The project was being built through the creation of a company called Munnar Villa Vista Pvt. Ltd. (MVVPL).
Additional findings of the ED investigation included the infusion of a significant amount of unaccounted cash into the project, the purchase of MVVPL shares in cash on behalf of imaginary shareholders, the transfer of MVVPL shares without consideration, and phoney transfers of MVVPL shares to other businesses without any provision of goods or services.
The overall proceeds of crime amounting to Rs. 21.9 Crore were quantified as a consequence of an ED investigation into the money laundering operations of MVVPL and its key individuals. On May 6, 2022, a complaint against the prosecution was submitted to the Lucknow Special Court for PMLA matters. The case has been charged, and the trial has already begun.
