The Enforcement Directorate (ED), Chennai, has provisionally attached immovable assets well worth ₹6.35 crore belonging to B. Madhan of Vendhar Films underneath the provisions of the Prevention of Money Laundering Act, 2002 (PMLA).
A few days ago, the ED registered a case towards Madhan primarily based on a FIR filed with the aid of the Central Crime Branch. According to the FIR, Madhan gathered ₹ninety one crore promising admission to SRM Medial College in 2016 and absconded. More than 130 dads and mom filed court cases towards him.
During the investigation carried out below PMLA, the victims stated they had paid amounts ranging from ₹50 lakh to ₹1 crore to Madhan for admitting their wards. Only later did they realize that he had absconded with the coins. The SRM management, at the same time, announced they had not anything to do with Madhan.
As in keeping with a declaration issued by using KSVV Prasad, Joint Director, Enforcement Directorate, Chennai, Madhan, in his voluntary statements, had internal admitted that he had accumulated approximately ₹ninety one crore from 133 mothers and father for admission in MBBS/PG seats at SRM Medical College.
However, he claimed that he had paid those quantities on a weekly foundation to the SRM management. The SRM management denied the identical and stated Madhan had no position in their admission procedure.
No supply of earnings
During research, it was found that Madhan had acquired numerous houses during this period and did not display any valid source of earnings for getting them.
“Thus, it stands to cause that the equation is obtained the use of the proceeds of crime and thus are concerned in money laundering,” in step with the ED.
Further investigation is in development.
Currently, Madhan is beneath judicial remand inside the Puzhal Central Prison.
The Four Types of Intellectual Property
If you very own an enterprise or are considering starting a new commercial enterprise, you must get yourself up to speed with what is called intellectual assets. The intellectual asset is a phrase used to explain positive felony rights that people can also hold over “creations of the mind,” including works of art, writing, innovations, designs, ideas, song, or choreography. There are 4 predominant sorts of intellectual property — copyrights, patents, alternate secrets, and emblems.
A copyright is a shape in highbrow property that protects the authentic authors of both posted and unpublished creations. The rights of authorship for these works continue to be entirely the possessions of the originator for a certain time frame underneath copyright regulation. Once the term has elapsed, then those works are open to others for reproduction and republication.
Copyrights are registered via the U.S. Copyright Office. Copyrights filed in or after 1978 will last for the entirety of the author’s existence plus 70 years after his or her demise.
Patents are criminal belongings rights implemented to inventions (instead of works of any form of art or literacy), and they should be distributed by way of the USA Patent and Trademark Office. Typically, patents apply to such objects as approaches, machines, production designs, biological discoveries, or “compositions of matter.”
Like copyrights, patents are to be had to the inventors for only a sure period of time earlier than they expire. Patients usually last for twenty years after the date on which the patent utility is filed.
Trade secrets are practices, designs, formulation, procedures, recipes, or thoughts utilized by a company that permits it to benefit leverage in its industry. Typically, alternate secrets and techniques are kept hidden by using one’s very own means, in preference to being covered thru government guidelines inclusive of patents or copyrights. An instance of self-safety normally used with alternate secrets is locking the pertinent records away in a bank vault. Since exchange secrets lack prison safety, once they may be leaked to most of the people, they are available to be used by means of absolutely everyone.
Trademarks consist of any words, phrases, symbols, trademarks, designs, or devices which are utilized in association with a specific logo or top with the intention to distinguish it from different products of that industry. Trademarks are used for identification purposes and are legally protected once they had been registered with the United States Patent and Trademark Office.