ED tightens its noose around PFI! Attaches 33 bank accounts of PFI in money laundering case
ED has attached 23 bank accounts of PFI having a collective balance of Rs. 59 lakh and 10 bank accounts of PFI"s organisation Rehab India Foundation, having a balance of Rs. 9.50 lakh in the PMLA investigation. As per ED, a total amount of Rs 68 lakh has thus been provisionally attached under section 5 of the Prevention of Money Laundering Act, 2002.
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New Delhi, June 02: Taking action against the radical Islamist organisation Popular Front of India (PFI), the Enforcement Directorate has frozen the bank accounts of the PFI in an ongoing investigation against them in a money laundering case.
ED has attached 23 bank accounts of PFI having a collective balance of Rs. 59 lakh and 10 bank accounts of PFI's organisation Rehab India Foundation, having a balance of Rs. 9.50 lakh in the PMLA investigation. As per ED, a total amount of Rs 68 lakh has thus been provisionally attached under section 5 of the Prevention of Money Laundering Act, 2002.
The ED has alleged that PFI, in active collusion with other associated accused persons, indulged in the laundering of proceeds of crime in terms of Section 3 of PMLA, 2002. "An amount of more than Rs 60 crore has been deposited in the accounts of PFI which includes a cash deposit of more than Rs 30 crore since 2009. Similarly, around Rs 58 crore has been deposited in the accounts of RIF since 2010," it said.
These proceeds of crime mobilized in the form of cash were deposited by falsely projecting them as 'donations' from sympathizers and members, the agency has alleged.
Similarly, proceeds of crime mobilized in the form of cash were deposited by PFI leaders in the bank accounts of individuals and immediately thereafter, were transferred from these bank accounts to PFI’s bank account to project the fund movement as legitimate transfers, it has added.
During ED’s investigation, it was also alleged that PFI, which has a well-structured & organized presence in Gulf countries for mobilization of funds as part of criminal conspiracy, allegedly sent these proceeds of crime secretly and clandestinely to India through underground and illegal channels. This was done by way of foreign remittances into the bank accounts of sympathizers, office bearers, members, and their relatives and associates in India and thereafter, transferred to the bank accounts of PFI, RIF, and other individuals/entities.
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