ED Attaches Rs. 121.80 Crore Properties in Tamil Nadu

Directorate of Enforcement (ED), Chennai Zonal Office has provisionally attached movable and
immovable properties in various places across Tamil Nadu valued at Rs. 121.80 Crore on 09.04.2025
under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in the case of Neomax
Properties Private Ltd., and its group companies viz. Garlando Properties Private Ltd., Transco Properties
Private Ltd., Tridas Properties Private Ltd., Glowmax Properties Private Ltd. and its Directors/shareholders
viz. Kamalakannan, Balasubramanian, Veerasakthi, Charles and others. The market value of the
attached properties is around Rs. 600 Crore. This attachment follows the Provisional Attachment of
properties valued at Rs. 117 Crore on 15.12.2023 by ED that has been confirmed by the PMLA
Adjudicating Authority, wherein the market value of those properties was Rs. 207 Crore.
ED initiated investigation on the basis of the FIR registered by the Economic Offences Wing (EOW),
Madurai, against Neomax Properties Pvt. Ltd., and its Group companies, which allegedly cheated several
investors into depositing lakhs of money in various projects (Real estate plot development) by promising
high returns up to 12% to 30% interest, ultimately cheating them by not giving the promised returns/plots.
ED investigation revealed that M/s Neomax Properties Private Ltd. and other group companies
under the ambit of “Neomax Group” collected huge funds majorly in the form of cash, from thousands of
the investors and diverted these funds to shell entities, group companies indulged into Hotels & Resorts,
Multi-Speciality Hospitals, Pharma Distribution, Construction, Retail Business, Departmental Store,
Renewable Energy, Information Technology, Automatic Vending Machine Sales, Battery Refurbishment,
E-Commerce, Logistics, Furniture Manufacturing and sales, Aerospace Services – Helicopter/ Charter
flight Hiring services, Education, Wellness Garments / Casual Wear Sales, Restaurants, Fashion
Jewellery and other entities (outside the group). Neomax Group owes around Rs. 8,000 Crore including
the promised returns to the depositors/investors. The group has cheated the investors by alluring them
with high returns and diverted the funds collected in to the entities dealing in other businesses.
Furthermore, they avoided repayment and instead forced/ allured the depositors to redeposit their maturity
amount.
Further investigation is under progress.