Chennai, April 19, 2025 — The Enforcement Directorate (ED) has provisionally attached movable and immovable assets valued at ₹121.8 crore belonging to the Neomax Group, as part of an ongoing investigation into alleged money laundering and financial fraud.
According to the ED, the Neomax Group raised substantial funds—predominantly in cash—from thousands of investors by promising exceptionally high returns ranging from 12% to 30% through real estate investments. Instead of deploying the funds as promised, the company is alleged to have diverted the money to a network of shell companies operating across various sectors.
The agency noted that the group currently owes approximately ₹8,000 crore to investors, including the committed returns. Investigators allege that Neomax not only defaulted on repayments but also persuaded depositors to reinvest their matured funds, effectively delaying settlement obligations.
The ED’s probe stems from a First Information Report (FIR) registered by the Economic Offences Wing (EOW) in Madurai against Neomax Properties Private Ltd and several of its affiliated entities. These include Garlando Properties Pvt Ltd, Transco Properties Pvt Ltd, Tridas Properties Pvt Ltd, Glowmax Properties Pvt Ltd, and their directors and shareholders—Kamalakannan, Balasubramanian, Veerasakthi, and Charles.
While the attached assets are valued at ₹121.8 crore, the ED stated that the current market value of these properties is estimated to be around ₹600 crore. Notably, in 2023, the agency had already provisionally attached assets worth ₹117 crore linked to the same case.
In a related development, an ED team from Kolkata has taken possession of 60 hotel rooms and adjacent vacant land at the Seven Hills Pamban Island Resort in Rameswaram. This seizure is linked to a separate money laundering investigation involving TM Traders and KK Traders, operating under the name TP Global FX.
The developments mark a significant escalation in enforcement efforts targeting large-scale financial fraud and unregulated investment schemes across India.
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