Former IAS officers Arvind Joshi and Tinoo Joshi invested Rs 7.11 crore in insurance policies and benami immovable properties to turn black money into white, a charge sheet filed by the Enforcement Directorate says.
The purchases were made in cash, the 1,552-page charge sheet or "prosecution complaint" filed in a Bhopal court yesterday said, according to an ED release here.
The Joshis, husband and wife, were dismissed from the service in 2014 when they were found to have amassed wealth disproportionate to their known sources of income.
During the probe of alleged money laundering by the couple, it was found that they had assets of Rs 7.11 crore, earned through illegal means, the ED said.
It included Rs 3,03,20,350 in cash, insurance plans worth Rs 3,21,58,975 and immovable properties of Rs 85.72 lakh, it said.
Eight persons named in the charge sheet include the former IAS couple, their three relatives, Arvind Joshi's trusted ally S P Kohli, his son Simant Kohli and the manager of a private insurance company, Seema Jaiswal.
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Arvind Joshi made investment of Rs 3,21,58,975 in the name of his family members in insurance plans of ICICI Prudential, the ED said.
During an Income Tax raid at Joshis' house in Bhopal in 2010, sleuths had allegedly found Rs 3.03 crore in cash.
A detailed ED probe found that Kohli played a key role in converting the Joshis' black money, earned through bribes, into white, the ED said.
Kohli allegedly invested Rs 85.72 lakh in immovable properties in the name of Ethos Exports. These properties included 110.43 acres of agricultural land and a 610 square feet flat.
Ethos Exports' registered address turned out to be the house of H M Joshi, Arvind Joshi's father, the ED release said.
After the Income Tax raid, the Madhya Pradesh Lokayukta also filed a case against the couple for allegedly amassing assets worth a whopping Rs 41.87 crore, much more than their legal sources of income.