It has reported that the Enforcement Directorate (ED) officials conducted searches at six places in the city and seized about Rs 250 crore worth cash, gold jewellery, and more than 47 properties on September 28. Despite ED officials having received complaints from 40 people, officials are expecting more complaints from the victims against businessman Dhanraj Kochar and his family members, who usurped properties valued several crores from the victims under the pretext of offering them loans.
Out of the six places where searches were conducted by ED officials, two places remained locked. Officials sealed two places and assigned policemen on guard duty for two days before it was opened on September 30.
Narrating Dhanraj Kochar’s modus operandi, the officials said Kochar including his three sons Inderchand, Suresh and Ramesh along with their families and siblings had conspired and cheated gullible persons by offering loans in cash, with upto 10% collateral, apart from taking property documents as collateral along with blank cheques.
A total of 40 people have already filed complaints and the ED is expecting more and has called upon other victims to reach out to it. According to the agency, Kochar and his family members including his three sons, Inderchand, Suresh and Ramesh had conspired and cheated people by offering loans in cash by taking property documents as collateral, along with blank bank cheques.
The Kochar family took general power of attorney in their names and promissory notes, the ED said, adding that their seizure included third-party property documents. The ED said that irrespective of whether someone had paid the money or not, the Kochars used to transfer the land in their names and the ED received complaints about this and conducted raids.
It also said that the Kochars were charging interest rates of 24 per cent to 48 per cent per annum which was in violation of the Tamil Nadu Prohibition of Charging Exorbitant Interest (TNPCEI) Act. ED officials said that the department is analysing the full volume of the money and documents seized from the Kochar family in a few days and is expecting more people to approach it.
