24, February, 2024
HomeIndiaEnforcement Directorate Seizes Assets Valued Over Rs 25 Lakh in Money Laundering Probe Against Former Kerala Minister K Babu

Enforcement Directorate Seizes Assets Valued Over Rs 25 Lakh in Money Laundering Probe Against Former Kerala Minister K Babu

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In a significant development, the Enforcement Directorate revealed on Wednesday that it has taken possession of an immovable property exceeding Rs 25 lakh linked to the former Kerala fisheries and ports minister, K Babu, in connection with an ongoing money laundering case.

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A provisional order to attach these assets was officially issued on January 25 under the Prevention of Money Laundering Act (PMLA), as announced by the federal agency in an official statement.

The investigation at hand is intricately tied to the alleged possession of disproportionate assets by Babu. This particular case originated from an FIR filed by the Kerala Vigilance and Anti-Corruption Bureau (VACB) in Ernakulam district back in August 2018.

The Enforcement Directorate detailed that during his tenure as a public servant from July 1, 2007, to May 31, 2016, Babu acquired assets valued at Rs 25.82 lakh, which were deemed “disproportionate” in relation to his known sources of income. The agency asserted that such acquisitions are in violation of various sections of the Prevention of Corruption Act.

According to the ED, Babu is alleged to have “derived/obtained” the proceeds of crime through both movable and immovable properties, amounting to Rs 25.82 lakh. This development underscores the ongoing efforts to address corruption and illicit financial activities within the public sector.

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This enforcement action serves as a crucial step in holding public officials accountable for financial improprieties, further highlighting the commitment of regulatory bodies to uphold the rule of law. The case against K Babu demonstrates the collaborative efforts of investigative agencies in curbing corruption and ensuring transparency in governance.

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