ED attaches property worth Rs. 89 lakh of former NOIDA chief engineer Yadav Singh, family

NetIndian News Network

New Delhi, July 6, 2019

The Enforcement Directorate (ED) said on Friday that it had attached properties worth Rs. 89 lakhs belonging to former NOIDA chief engineer Yadav Singh and his family under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA).
A press release from ED said the attached assets include one residential and commercial property each, one agricultural land and bank balances.
Investigation under PMLA, 2002 was initiated on the basis of an F.I.R. registered by the Central Bureau of Investigation (CBI) against Yadav Singh, the then chief engineer of the New Okhla Industrial Development Authority (NOIDA) and his associates.
"CBI has filed charge sheet against the Yadav Singh and his family members revealing accumulation of disproportionate assets to the tune of Rs 23.15 crores which was 512.66% to his known source of income during the period i.e from 01.04.2004 to 04.08.2015.
"Investigation under PMLA revealed that funds related to income from illegal earning/unexplained sources were routed to the trust under control of Yadav Singh in guise of corpus donations. The same fund was routed to the bank accounts of his family members in guise of sale proceeds of properties which was further used for purchasing commercial/residential properties at Delhi and Noida and maintaining bank balances. It is also revealed that the funds were also routed to companies in form of commission, income etc. which have been attached under PMLA.
"Earlier properties worth Rs 20.5 Crores pertaining to Yadav Singh, his family members and companies/trusts under their control were also attached under PMLA. So far, ED has attached properties worth Rs 21.5 Crores in this case and has already filed chargesheet against Yadav Singh and others under PMLA. Further investigation in this case is under progress," the release added.

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