In what is unfolding as one of the biggest cases under the newly-amended Prevention of Money Laundering Act (PMLA), the Enforcement Directorate will begin attaching hundreds of properties in the Satyam Computers scam.

Officials in the finance ministry said that along with investigating Satyam’s foreign banking transactions, the ED was presently focusing its attention on identifying proceeds of crime, specially since the CBI has also charged company officials under Section 467 of the Indian Penal Code, which is a scheduled offence under PMLA.

ED teams — camping in Hyderabad since the scam broke — have identified 786 properties registered in the names of 134 group companies and 256 individuals (including Ramalinga Raju and members of his family). The properties were acquired between 2005-2008 and are spread over Andhra Pradesh, Tamil Nadu, Maharashtra, Karnataka and Uttar Pradesh.

After examining all aspects of the scam in the light of provisions of the PMLA, the ED has highlighted the following for the purpose of identifying the “proceeds of crime”:

• A total of Rs 1,745 crores accrued to SRSR Holdings Pvt Ltd by way of pledging shares of Satyam Computers. The shares were held by the promoters of the company who injected artificial liquidity in it by fudging account books. The ED is calculating the differential amount as suspected proceeds of crime.

• The dividends and bonus shares which Satyam Computers issued to its promoters in the three-year period is also being regarded as proceeds of crime. The value of the dividends and bonus shares is being quantified on the basis of the charge sheet filed by the CBI.

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