ED's attachment proceedings of Bineesh’s properties may not end soon, may also affect relatives, agency suspects foul play in Rs 50 lakh transaction of kin

THIRUVANANTHAPURAM: The gold smuggling case is being investigated by at least half a dozen probe agencies in the state. Meanwhile Karnataka unit of ED has also registered a case against Bineesh Kodiyeri, son of former CPM secretary, Kodiyeri Balakrishnan on Bengaluru drugs trade case and thus the agency became ‘king’ among the probe agencies in the state. Now, when the party and the government have turned against the agency with protest and open criticisms, the agency has decided to use the weapon of ‘attachment’ against Bineesh.

ED has started proceedings to attach the property and other assets of Bineesh Kodiyeri. The agency will seize his home ‘Kodiyeri’ situated in Maruthakuzhy in Thiruvananthapuram, his share in the ancestral property in Kannur and the assets and properties registered under his wife Renita. ED’s deputy director in Bengaluru, Rahul Sinha has sent a letter on November 9 to registration IG to inform the agency about the details of their assets and property. This step has been taken under section 54 of the PMLA (Prevention of Money Laundering Act) act.

If confiscation happens

If the agency starts attachment proceedings in the case it might be only completed in months and sometimes it may take years to complete. In the first phase, the assets of the accused and people directly related to him will be temporarily attached. If the case proceedings prolong in court, then seizing may also get delayed. The property and other assets will be fully confiscated only after the verdict comes.

In the first phase, the assets gathered by the accused will be seized. Registration department will be approached for this purpose. In Bineesh’s case, ED is currently in this stage. If the assets of the accused are transferred abroad the agency have the power to seize accused assets in the country, which equals to the transferred property abroad. For this purpose, the agency will evaluate the hike in the income of relatives of the accused.

If the hike in income is unnatural, and they suspect that the accused had registered his assets under relatives names then the agency can seize the assets. Therefore if ED begins confiscation then it will be a nightmare for the relatives also. In order to substantiate that the assets were bought with his income and not with unsolicited money, the accused might have to present documents revealing the source of his income.

Assets of Bineesh

ED has started proceedings to confiscate the property and other assets of Bineesh Kodiyeri. The agency will seize his home ‘Kodiyeri’ situated in Maruthakuzhy in Thiruvananthapuram, his share in the ancestral property in Kannur and the assets and properties registered under his wife Renita. ED’s deputy director in Bengaluru, Rahul Sinha has sent a letter on November 9 to registration IG to inform the agency about the details of their assets and property. This step has been taken under section 54 of the PMLA (Prevention of Money Laundering Act) act.

Firms which has been suspected by the probe agency as his benami firms—Torus Remedies, situated in Chirakulam road in Statue junction, B capital financial services, B capital forex trading private limited in Bengaluru, will be confiscated by the agency. But information about assets of Bineesh’s wife is yet to come out.