ED attaches ₹31.63 crore in assets of eBiz.com Ltd
The Enforcement Directorate attached additional assets worth ₹31.63 crore belonging to eBiz.com Ltd as part of the ongoing money laundering investigation.
Explanation in simple terms
- What:
- The Enforcement Directorate seized property worth 31.63 crore rupees linked to the company eBiz.com Ltd.
- Who:
- The Enforcement Directorate is the government agency investigating money laundering. Pawan Malhan and Hitikh Malhan are the accused.
- When:
- Reported on 21 May 2021.
- Where:
- Cyberabad Economic Offences Wing, Telangana.
- Why:
- The agency took these assets as part of an ongoing investigation into money laundering, which is the process of hiding illegally obtained money.
- What it means:
- The company can no longer use or sell these assets while the legal investigation continues.
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