ED files prosecution complaint against firm, MD under PMLA

The Enforcement Directorate has filed a prosecution complaint under the provisions of the Prevention of Money Laundering Act (PMLA) against Tower Infotech Ltd and its managing director Ramendu Chattopadhyay in the Sessions Court, Kolkata. The court took cognisance of the complaint on February 12, the ED said in a statement.

The agency initiated an investigation on the basis of an FIR registered by the CBI under various sections of the IPC and Prevention of Corruption Act against Tower Infotech and its directors in compliance of the order of Jharkhand High Court that had directed the CBI to take over the investigation into all the FIRs registered in the neighbouring state against chit-fund companies.

The probe revealed that Ramendu Chattopadhyay, CMD, Tower Infotech, and other directors entered into a criminal conspiracy by fraudulently issuing certificates/bonds/receipts of investments in preference shares, debentures and advances against solar products and tour packages of Tower Infotech to investors assuring higher returns.