Bhubaneswar: The Enforcement Directorate (ED) on Saturday attached property and cash worth over Rs 3.92 crore of former Cuttack-Choudwar MLA Pravat Biswal in connection with a money laundering case.
Biswal is facing charges of fraudulently collecting deposits from people in the guise of issuing preferential shares by enrolling depositors as members of cooperative societies.
According to ED, these companies were neither registered as Non-Banking Finance Company (NBFC) with the Reserve Bank of India (RBI) nor listed in National Stock Exchange of India (NSEI) and therefore not authorised to collect such deposits from people.
The attached assets include bank balance of Rs 25 lakh at SBI Cuttack Branch belonging to Biswal and one immovable property belonging to M/s Media Guru Consultants Private Ltd in Noida, Uttar Pradesh.
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