Latest news with #PreventionofMoneyLaunderingAct
India Gazette
10 hours ago
- Business
- India Gazette
ED attaches Rs 28.36 crore assets in Delhi-NCR, Haryana, Punjab in bank fraud case
New Delhi [India], June 27 (ANI): The Enforcement Directorate (ED) has attached immovable properties worth Rs 28.36 crore located at Delhi, Gurugram, Faridabad, Sonipat, Amritsar and Greater Noida in a more than Rs 950 crore bank fraud case linking Sunstar Overseas Ltd, the agency said on Friday. ED's Gurugram Zonal Office attached the properties under the Prevention of Money Laundering Act (PMLA), 2002. The federal agency initiated investigation based on the First Information Report (FIR) of Central Bureau of Investigation (CBI), Chandigarh registered against Sunstar SOL, its ex-directors-- Rohit Aggarwal, Rakesh Aggarwal, Naresh Aggarwal, Sumit Aggarwal-- and others under various sections of Indian Penal Code, 1860 for 'committing fraud, criminal misappropriation, criminal breach of trust, cheating and causing wrongful loss of more than Rs 950 crore, to a consortium of nine lender banks lead by Karur Vyasya Bank.' ED said its investigation revealed that ex-directors and promoters of SOL laundered the loan amounts availed by the firm through a web of related and controlled beneficially owned entities, a shell entity and a dummy entity. 'Investigation also revealed that ex-directors and promoters of SOL regained actual and indirect control by misusing Corporate Insolvency Resolution Process (CIRP) proceedings of National Company Law Tribunal (NCLT),' said the ED in a statement. During the investigation, ED conducted searches in January last year and seized cash amounting to Rs 1.19 crore and 226 gms of gold. In July last year, ED arrested three key persons-- Rakesh Gulati (Chartered Accountant), Paramjeet Sharma and Ajay Yadav [Successful Resolution Applicant (SRA)] involved in the conspiracy and diversion of loan funds along with ex-directors and promoters. Moreover, ED said, it has also attached properties valued at Rs 294 crore in this case in August last year. Based on the findings, a Prosecution Complaint was filed on August 29 last year, arraigning 25 persons and entities, including the aforesaid entities, ex-directors and promoters and others. Its cognisance was taken by the Special Court (PMLA), Central District, Tis Hazari Courts, Delhi on September 25 last year. During further investigation, ED said, it unearthed additional Proceeds of Crime being 'siphoned off and used by its related entity- Star Track Fasteners Pvt Ltd and other properties acquired by ex-directors and promoters and their family members, which have now been attached. The total value of attached assets in the case so far stands at Rs 322.55 crore, added the agency. (ANI)
Time of India
12 hours ago
- Business
- Time of India
Corruption case: EOU raids FCI accountant's premises
Motihari: The Economic Offences Unit (EOU) launched a major operation on Friday morning, raiding six premises linked to Rajesh Kumar , an accountant posted at the Food Corporation of India (FCI) office in Motihari. The searches were carried out at locations in Motihari, Patna, Muzaffarpur and Hajipur, including Kumar's residence, ancestral home and properties belonging to relatives. EOU officials said a detailed investigation into assets and documents was underway and the exact valuation of the seized properties would be disclosed only upon completion of the operation. According to sources, the raids yielded a substantial number of documents, electronic devices, and records linked to suspicious financial transactions. Preliminary findings suggest that Rajesh Kumar may have attempted to launder illicit wealth through cash transactions, investments in real estate and the use of several fake bank accounts. Properties registered in the names of close relatives have also been identified and are currently under examination. A senior EOU official said, "The agency will now analyse the seized documents and digital evidence to trace the sources of Rajesh Kumar's assets. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Click Here - This Might Save You From Losing Money Expertinspector Click Here Undo If the allegations are substantiated, proceedings may be initiated under the Prevention of Money Laundering Act and relevant anti-corruption laws." Motihari: The Economic Offences Unit (EOU) launched a major operation on Friday morning, raiding six premises linked to Rajesh Kumar, an accountant posted at the Food Corporation of India (FCI) office in Motihari. The searches were carried out at locations in Motihari, Patna, Muzaffarpur and Hajipur, including Kumar's residence, ancestral home and properties belonging to relatives. EOU officials said a detailed investigation into assets and documents was underway and the exact valuation of the seized properties would be disclosed only upon completion of the operation. According to sources, the raids yielded a substantial number of documents, electronic devices, and records linked to suspicious financial transactions. Preliminary findings suggest that Rajesh Kumar may have attempted to launder illicit wealth through cash transactions, investments in real estate and the use of several fake bank accounts. Properties registered in the names of close relatives have also been identified and are currently under examination. A senior EOU official said, "The agency will now analyse the seized documents and digital evidence to trace the sources of Rajesh Kumar's assets. If the allegations are substantiated, proceedings may be initiated under the Prevention of Money Laundering Act and relevant anti-corruption laws."
India Today
13 hours ago
- India Today
Show cause notice to Mumbai prison chief over not giving Jain food to inmate
A special court in Mumbai issued a show cause notice to the Superintendent of Arthur Road Jail for allegedly failing to provide Jain food to an accused, despite a clear court Prevention of Money Laundering Act (PMLA) special court had, on May 14, directed the prison authority to ensure that Riteshkumar Surendrakumar Shah, an undertrial in judicial custody since March 29, be provided food in accordance with the Jain religion. Shah, in a submission to the court in May, had stated that he was a follower of Jainism and asserted that it was his fundamental right to receive food that adhered to his religious dietary Public Prosecutor Sunil Gonsalves, appearing for the Enforcement Directorate (ED), had opposed the request. However, the court allowed it, affirming Shah's entitlement to a religiously compliant diet. Despite the order, Shah's lawyer, Viral Babar, informed the court that the accused had not been given Jain food and had been surviving solely on chapatis. 'Despite the clear directions passed on 14/05/2025, till date, the accused has not been provided Jain food in accordance with his religious dietary requirements. As a result, the accused has been surviving solely on chapatis for more than a month, which has caused significant deterioration in his health,' Babar note of the submission, the court has now issued a show cause notice to the Superintendent of Arthur Road Jail, seeking an an Ahmedabad-based businessman, is one of six individuals arrested in connection with a money laundering case linked to Malegaon in Maharashtra. The Malegaon Chhawani Police Station in Nashik district had registered a First Information Report (FIR) last year concerning the deposit of more than Rs 100 crore in twelve bank accounts newly opened at the Nashik Merchant Co-operative Bank, also known as NAMCO was alleged that these accounts, opened using fake identities and shell entities, were used to conduct massive financial transactions running into hundreds of crores over a period of just two to three months. Based on this FIR, the ED launched its own investigation, leading to the arrest of six accused, including Shah.- Ends IN THIS STORY#Mumbai#Maharashtra
Hindustan Times
13 hours ago
- Business
- Hindustan Times
ED attaches ₹28.36 cr assets in Punjab, Hry in bank fraud case
The Enforcement Directorate (ED) has attached immovable properties worth ₹ 28.36 crore located at Delhi, Gurugram, Faridabad, Sonepat, Amritsar and Greater Noida in a more than ₹ 950-crore bank fraud case linking Sunstar Overseas Ltd, the agency said on Friday. The Enforcement Directorate (ED) has attached immovable properties worth ₹ 28.36 crore located at Delhi, Gurugram, Faridabad, Sonepat, Amritsar and Greater Noida in a more than ₹ 950-crore bank fraud case linking Sunstar Overseas Ltd, the agency said on Friday. (Representational image) ED's Gurugram zonal office attached the properties under the Prevention of Money Laundering Act (PMLA), 2002. The federal agency initiated investigation based on a first information report (FIR) of the Central Bureau of Investigation (CBI), Chandigarh, registered against Sunstar SOL, its ex-directors Rohit Aggarwal, Rakesh Aggarwal, Naresh Aggarwal, Sumit Aggarwal and others under various sections of Indian Penal Code for 'committing fraud, criminal misappropriation, criminal breach of trust, cheating and causing wrongful loss of more than ₹ 950 crore, to a consortium of nine lender banks lead by Karur Vyasya Bank.' The ED said its investigation revealed that ex-directors and promoters of SOL laundered the loan amounts availed by the firm through a web of related and controlled beneficially owned entities, a shell entity and a dummy entity. 'Investigation also revealed that ex-directors and promoters of SOL regained actual and indirect control by misusing Corporate Insolvency Resolution Process (CIRP) proceedings of National Company Law Tribunal (NCLT),' said the ED in a statement. During the investigation, ED conducted searches in January last year and seized cash amounting to ₹ 1.19 crore and 226 gms of gold. In July last year, the ED arrested three key persons — Rakesh Gulati (chartered accountant), Paramjeet Sharma and Ajay Yadav (successful resolution applicant) involved in the conspiracy and diversion of loan funds along with ex-directors and promoters. The ED said it has also attached properties valued at ₹ 294 crore in this case in August last year. Based on the findings, a prosecution complaint was filed on August 29 last year, arranging 25 persons and entities, including the aforesaid entities, ex-directors and promoters and others. Its cognisance was taken by the special court (PMLA), central district, Tis Hazari courts, Delhi, on September 25 last year. During further investigation, the ED said, it unearthed additional proceeds of crime being 'siphoned off and used by its related entity Star Track Fasteners Pvt Ltd and other properties acquired by ex-directors and promoters and their family members, which have now been attached. The total value of attached assets in the case so far stands at ₹ 322.55 crore, added the agency.
Hans India
14 hours ago
- Hans India
NH-74 scam case: ED seizes Rs 24.70 lakh during searches in Uttarakhand, UP
Dehradun: The Enforcement Directorate seized Rs 24.70 lakh and incriminating documents during simultaneous searches at seven locations in Uttarakhand and Uttar Pradesh in a case linked to a Dehradun-based provincial civil service (PCS) officer in the NH-74 scam case, an official said on Friday. D.P. Singh, a senior PCS officer currently working as Executive Director, Doiwala Sugar Mill in Dehradun, faced the searches on Thursday, said an official statement. The ED said D.P. Singh, the then Special Land Acquisition Officer (SLAO), Uttarakhand, while working in the capacity of Competent Authority of Land Acquisition (CALA), entered into conspiracy with Revenue Officer/Officials, Land Consolidation Officer/Officials, farmers/land owners, middlemen and others for misappropriation of the government funds by manipulating the use of land by way of passing backdated orders. This resulted in payment of higher compensation to landowners at non-agriculture rates, as opposed to the legal and expected compensation, said the ED. To achieve his ulterior motives, he resorted to fabrication/forgery by making back-dated entries in revenue records/documents, which were projected as genuine at the time of distributing compensation to landowners against land acquired for the widening of NH-74 and NH-125. This resulted in a loss of Rs 162.5 crore (approx.) to the government treasury, said the federal probe agency. The ED in this case had already attached movable and immovable properties amounting to Rs 43 crore (approx.) from various accused persons. While the investigation is in progress against these officials and landowners, seven Prosecution Complaints have already been filed before the Special Court (PMLA), Dehradun. Earlier last year, the ED attached immovable properties worth Rs 7.89 crore in the form of land situated at Vallah village in Amritsar district, along with movable properties worth Rs 2.40 crore in connection with a case linked to the scam. The ED had initiated the investigation under the Prevention of Money Laundering Act (PMLA) based on an FIR filed by the police. During the investigation, it was revealed that five brothers -- Ajmer Singh, Sukhdev Singh, Gurvail Singh, Sukhwant Singh and Satnam Singh -- managed to get backdated forged orders and subsequently got them entered in the revenue records on a later date in connivance with the revenue officials and middlemen. Based on this, they fraudulently received excess compensation to the tune of Rs 15.73 crore for their land, which was being acquired for the widening of NH-74 at a non-agricultural rate. The ED investigation revealed that this ill-got money was either utilised for purchasing immovable properties in their names or was transferred to their other bank accounts or bank accounts of their relatives.
