Kalaignar TV property brought under money laundering act

The Enforcement Directorate has begun the proceedings of attaching properties of DMK-controlled Kalaignar TV under the Prevention of Money Laundering Act (PMLA).

“We have identified properties of Kalaignar TV worth Rs215 crore and all these properties are located in parts of Tamil Nadu, including Chennai. The process of preliminary attachment has been initiated,’’ a senior ED official said.

Karunanidhi’s third wife Dayalu Ammal and his daughter Kanimozhi together hold 80% stake in Kalaignar TV, while Sharad Kumar, the channel’s MD, holds the remaining 20%.

According to sources Rs200 crore that was given to Kalaignar TV by Shahid Balwa’s DB Realty was ploughed back to buy real estate.

According to ED sources, the PMLA proceedings would focus on recovering the money allegedly paid to former telecom minister A Raja and his associates as illegal gratification as a quid pro quo for spectrum favour.

The ED has served notices of Foreign Exchange Management Act violation of about Rs2,100 crore against DB group, Virgin Mobile, Milky Way Developers and ETA Star group.