Will ED attach DB Realty properties?

June 20, 2011 18:09

Details on the Hasan Ali story.

The Enforcement Directorate is examining a request from the CBI asking it to attach properties of DB Realty worth over Rs 200 crore of DB Group under the stringent Prevention of Money Laundering Act.

The ED is examining the legal issues on whether to attach the properties of DB Realty as proceeds of crime or that of the former MD of the company Shahid Balwa, who is now in jail.

CBI while reasoning out the attachment of property of the real estate group alleged that Rs 200 crore bribe money was moved to DMK-owned Kalaignar TV from DB realty through a circuitous route, a charge denied by the company.

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