The Enforcement Directorate (ED) on Saturday attached property worth over Rs 3.92 crore of former Biju Janata Dal (BJD) MLA from Cuttack-Choudwar, Pravat Ranjan Biswal, and a media company in connection with a money laundering case.

As per the ED, the attached assets include a bank balance of Rs 25 lakh at the SBI, Cuttack branch, belonging to Biswal and one immovable property belonging to M/s Media Guru Consultants Private Ltd. in Noida, Uttar Pradesh.

The media company is part of M/s Seashore Group of Companies, which was allegedly involved in the process of money laundering.

Earlier, Biswal was arrested by the CBI in connection with a land deal with Seashore Group of Companies. Biswal allegedly helped the companies grow in the state. Now Biswal is out on bail.

The ED said that the companies were neither registered as non-banking finance companies (NBFC) with the Reserve Bank of India (RBI) nor listed in the National Stock Exchange of India (NSEI) and were not authorised to collect such public deposits.

“They suddenly closed down their business and defaulted in return to depositors after maturity and failed to pay even interest on the deposits...,” the ED press release said.

“These companies generated proceeds of crime and diverted the said tainted money into acquiring different movable and immovable properties. They fraudulently and dishonestly collected huge amounts from the general public out of which Rs 25 lakh was diverted to the ex-MLA and his family members and Rs 4 crore was diverted to M/s Media Guru Consultants Private Ltd to set up a news and current affairs TV channel named STV SAMACHAR.”

The investigation was initiated under PMLA, 2002 on the basis of an FIR and charge sheet filed by the economic offence wing (EOW) of Crime Branch, Odisha Police, and FIR, charge sheet filed by CBI under various sections of the Indian Penal Code against M/s Seashore Group of Companies.