"On conclusion of preliminary investigation, some properties of the accused persons -- Kamal Kalra, Chandan Bhatia, Sanjay Aggarwal and Gurucharan Singh -- have been attached provisionally. The total value of the assets attached is Rs 12.52 crore," an official statement from the agency said.
An attachment order under PMLA can be challenged by the accused parties before the designated adjudicating authority and the ED action is aimed at stopping the accused from gaining benefits of the ill-gotten or tainted wealth.
The list of 14 seized properties in the case include flats and plots in Delhi, Gurgaon and Rajasthan and expensive cars like Mercedes Benz, Elantra and Honda City.
"The agency will soon initiate action to take possession of these assets," a source said.
ED had earlier termed this case to be an alleged incident of trade-based money laundering, where accused traders evade custom duties and taxes to generate slush funds.
All the four, who had been arrested in October, were said to be alleged middlemen for at least 15 fake companies, out of the total 59 which were involved in the perpetrating of the economic crime unearthed few months back.
The ED had said the four allegedly connived with each other in "forming" fake companies
and business entities in Hong Kong by "over valuing" the export value and subsequently claiming duty drawbacks.
The CBI and a host of other probe agencies are investigating this case under separate laws that they enforce in the country.
CBI had also arrested BoB AGM S K Garg and Jainish Dubey, who headed the foreign exchange division at its Ashok Vihar branch here, under various provisions of the IPC and the Prevention of Corruption Act.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.