ED's Big Action Against Former Kerala Minister K Babu, Attaches Property Worth Over Rs 25 Lakh

NEW DELHI: The officials of the Enforcement Directorate said on Wednesday they have attached one immovable property worth Rs 25.82 lakhs belonging to former Kerala Minister K Babu. The property was attached under the provisions of Prevention of Money Laundering Act (PMLA), 2002, for the amassing of disproportionate assets during the period July 1, 2007 to May 31, 2016, a statement issued by the agency said.

The ED initiated an investigation on the basis of a first information report registered by the Anti-Corruption Bureau, special cell, Ernakulam, against Babu and others on August 31, 2016 and a final report dated March 23, 2018.

Its investigation revealed that K Babu, being a public servant during the said period, acquired assets worth Rs 25.82 lakh, which was disproportionate to his known sources of income, and thereby committed the offence under Section 13(1)(e) of the Prevention of Corruption Act, 1988 and punishable under Section 13(2) of the Act. K Babu had derived /obtained the proceeds of crime in the form of movable and immovable properties, said the statement.