Enforcement Directorate on Friday attached assets worth Rs 70 lakh of a private hospital employee in Chennai for allegedly defrauding his firm's bank accounts and withdrawing money illegally.

The agency, in a statement said, the employee identified as Kamal K, allegedly used the funds, withdrawn by forging bank signatures of authorised people, to invest in "commodity trading" and subsequently laundered the money to raise immovable and movable assets.

The central probe agency registered a case under the provisions of the Prevention of Money Laundering Act (PMLA) last year after taking cognisance of a Chennai police crime branch complaint against him.

"The ED investigations revealed that the accused invested huge amount in commodity trading using the tainted money.

"During the investigation, the agency followed the money trail of the fraudulent money and identified a part of the proceeds of crime which the accused has laundered and invested in the movable and immovable properties worth Rs 70 lakh.

"It includes fixed deposits worth Rs 27 lakh, two vacant lands and a shop. These properties were attached provisionally under PMLA," it said.