Chennai: Officials of the Enforcement Directorate conducted a search in six places in the city and confiscated around RS 250 crores worth cash, gold jewelry, and more than 47 properties on September 28.
Although ED officials have received complaints from 40 people, officials expect more complaints from victims against entrepreneurs Dhanraj Kochar and family members, who seized the property to appreciate some crores from the victims with the pretext of offering loans.
Of the six search places were carried out by ED officials, two places remained locked.
Officials sealed two places and assigned the police based on the assignment of the guard for two days before opening on September 30.
Looking for various modus operandi Dhanraj Kochar, officials said Kochar included his three sons, and Ramesh together with his family and siblings conspire and cheat.
People who are easily fooled by offering loans in cash, with collateral up to 10%, in addition to taking property documents as guarantees along with empty checks.
They also took the general power of lawyers (GPA) in their names and paper money promes, on the grounds that their seizures include third-party property documents.
Regardless of whether the payment was made or not, the land was transferred in the name of Dhanraj Kochar and his family officials crore cash, gold jewelry and diamonds worth more than Rs 11 Crores, along with more than 150 original property sales and registration on the name of the Kochar family.
Net spasms are more than Rs 225 Crore.
An official said that Kochars used money and their muscle strength to intimidate people who were easily deceived to encourage them to a ferocious debt circle.
Interest rates charged by Kochars are in the range of 24% to 48% who violate the prohibition of Tamil Nadu for Uxorbitant (TNPCEI) charging.
The complainant who loses its nature to Kochar entrepreneurs can reach ED officials to take their property, said an official.