Latest news with #Surat-based
Hindustan Times
5 hours ago
- Business
- Hindustan Times
PMLA court allows restoration of ₹952-cr property attached by ED
MUMBAI: In an important development, a special PMLA (Prevention of Money Laundering Act) court on June 25 allowed restoration of assets ₹ 952 crore attached by the Enforcement Directorate (ED) in a money laundering case against Infrastructure Leasing & Financial Services Ltd (IL&FS), its group companies, and associated entities. The property - Surat-based plant of Vadraj Cement Limited - would be restored to Nuvoco Vistas Corporation Ltd, which has taken over the defunct company through a resolution process. (Shutterstock) The Mumbai zonal office of the agency initiated investigation under the PML Act against IL&FS and associated entities for their alleged involvement in the generation and laundering of proceeds of crime (POC). During the course of the investigation, it was revealed that Vadraj Cement Limited (formerly ABG Cement Ltd), a group company of ABG, had availed financial assistance from IL&FS Financial Services Ltd (IFIN), which was subsequently declared as a non-performing asset, said agency sources. The investigation established that loans amounting to ₹ 952 crore were obtained fraudulently and were identified as POC, they added. Accordingly, the immovable properties of Vadraj Cement Ltd, comprising its cement plant in Surat, were provisionally attached by ED on January 21, 2020. The attachment was confirmed by the Adjudicating Authority on August 5, 2021. A prosecution complaint or charge sheet in the money laundering case was also filed before the special PMLA court in Mumbai, praying for the confiscation of properties attached as POC. According to ED sources, Punjab National Bank was the major lender to Vadraj Cement Ltd with an admitted claim of ₹ 2,122 crore. The defunct cement company's other major lenders include Union Bank ( ₹ 1,620 crore), Indian Overseas Bank ( ₹ 1,419 crore), Central Bank of India ( ₹ 1,391 crore) and JC Flower ARC ( ₹ 677 crore). Subsequently, M/s Nuvoco Vistas Corporation Ltd, a subsidiary of the Nirma Group and the successful resolution applicant under the Insolvency and Bankruptcy Code, 2016 (IBC), filed an application before the special PMLA court seeking restoration of the attached property to facilitate implementation of the resolution plan approved by the National Company Law Tribunal, Mumbai, on April 1, 2025. Under the scheme approved by the NCLT, Nuvoco Vistas Corporation Ltd will pay ₹ 1,706 crore to Vadraj Cement's financial creditors in lieu of its acquisition of the defunct company. Considering the intent of the PMLA to restitute or restore the POC to bonafide legitimate claimants, the ED submitted no objection before the special court for the release of property attached to the bonafide legitimate claimants. Based on ED's NOC, the special court on June 25 passed an order to restitute the attached immovable properties to the bonafide claimants - Nuvoco Vistas Corporation Ltd, subject to filing an undertaking to return or restore the property or its value as may be directed in future. The court has also instructed ED to prepare a detailed inventory of the property prior to handing over its possession to the successful resolution applicant.
Hans India
20 hours ago
- Business
- Hans India
Court orders restoration of assets worth Rs 952 crore in IL&FS case
Mumbai: In a major development in the IL&FS money laundering case, the Special Court under the Prevention of Money Laundering Act (PMLA) in Mumbai has ordered the restoration of immovable assets worth Rs 952 crore to Nuvoco Vistas Corporation Ltd. The order, dated June 25, follows a no-objection submission by the Enforcement Directorate (ED), allowing the company to proceed with the implementation of its resolution plan for Vadraj Cement Ltd, the ED said in a statement on Saturday. The ED had earlier attached Vadraj Cement's Surat-based plant in January 2020, after investigations revealed that the company, formerly ABG Cement Ltd, had fraudulently obtained loans worth Rs 952 crore from IL&FS Financial Services Ltd. These loans were later classified as non-performing assets. The attachment was confirmed by the Adjudicating Authority in August 2021, and a prosecution complaint was filed seeking confiscation. Nuvoco Vistas, a subsidiary of the Nirma Group, had emerged as the successful resolution applicant under the Insolvency and Bankruptcy Code. Its resolution plan, approved by the National Company Law Tribunal (NCLT) on April 1, 2025, involves a payment of Rs 1,706 crore to financial creditors in exchange for acquiring Vadraj Cement. The company subsequently filed an application before the Special Court seeking restoration of the attached property to facilitate the resolution plan's execution. Taking into account the objective of the PMLA to restore proceeds of crime to legitimate claimants, the ED submitted that it had no objection to the release of the attached assets, it said. The court, satisfied with the submission, directed the restoration of the property under Sections 8(7) and 8(8) of the PMLA, read with Rule 3A of the PML (Restoration of Property) Rules, 2016. The court also instructed Nuvoco Vistas to provide an undertaking to return or restore the property or its value if required in the future. The ED has been asked to prepare a detailed inventory before handing over possession, the statement said. This decision is seen as a significant step in enabling financial institutions to recover dues and in ensuring that productive assets are returned to legitimate stakeholders through lawful means.
Indian Express
2 days ago
- Business
- Indian Express
Mumbai unit of DRI nabs Surat man for evading import duty worth Rs 44 crore on walnuts imported from Chile
Officials of the Mumbai unit of the Directorate of Revenue Intelligence (DRI) on Wednesday arrested a Surat-based businessman for allegedly evading import duty worth Rs 44 crore by showing under-valuation of walnuts imported from Chile. The accused, Sneh Kakadiya, was taken to Mumbai on Thursday on a one-day transit remand. Sources said that following a tip-off, the DRI officials maintained a watch at Surat airport and arrested Sneh as soon as he arrived there. Sources said Sneh and his father are proprietors of different firms in Surat and Mumbai, and are involved in the import of inshell walnuts from Chile. A case against Sneh and his father Dipak Kakadiya was registered with the Mumbai unit of DRI. Sources said the accused had misdeclared the original value of goods, using manipulated invoices. They said the accused had routed the walnuts to the UAE from Chile. Once in the UAE, he allegedly presented lesser value of the goods in the invoices of the firm based in the Middle East nation. Later, the same goods were imported to India showing manipulated invoices, said the sources. During investigation, DRI officials found actual invoices issued by the Chile company, the sources added. Sources in DRI said the consignments were knowingly undervalued at a very low rate before the Customs. The goods, which, on an average, cost more than USD 2.7/Kg, were undervalued at a cost of around USD 1.50/Kg. This involved clearance of more than 3,610 Metric tonnes of inshell walnuts, thus evading a significant Customs Duty worth Rs 44 crore, said the sources. Inshell walnuts are those from which the outer covering has not been removed. During investigation, it was found that Sneh had committed cognizable and non-bailable offence under Section 135 (1) (a) and (b) of the Customs Act, 1962, punishable under section 135 (1) (a) (i) (A) and 135 (1) (b) (i) (A). He was produced before a court by DRI officials and was sent to transit remand for a day.
Time of India
7 days ago
- Time of India
Surat agent swindled of 32L by visa firm owner
Surat: A Surat-based immigration consultant was allegedly duped of Rs 32 lakh by an Ahmedabad visa firm owner, who promised to arrange work permits and visas for Canada and New Zealand, but instead provided forged documents. The accused, Sangramsingh Kushwah, has been arrested by Pal police, and further investigation is underway. The complainant, Prachi Sinde (37), owns Om Holidays, an immigration consultancy firm in the Pal area of Surat. According to police, Sinde was introduced to Kushwah in July 2024 through a family acquaintance, Shailesh Soni, a visa agent who later moved to the United States. Kushwah claimed he would take over Soni's clients and visa-related operations. In August 2024, Kushwah visited Sinde's office and introduced himself as the owner of two firms — Success Immigration and Ideal Immigration and Education Services. By Oct, Sinde entered into a formal agreement with him to pay Rs 9 lakh per client for processing work permits and visas for Canada and New Zealand. The terms were laid out in a signed contract. Based on the agreement, Sinde began forwarding client documents to Kushwah and transferred Rs 32 lakh for visa processing. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like New Cooling Tech Making Ductless ACs Go Mainstream [take a look] Keep Cool Click Here Undo Kushwah, in return, sent visa copies and job offer letters. However, Sinde later verified the documents with the embassies of Canada and New Zealand and discovered they were forgeries. When she confronted Kushwah, he assured her that he would refund the money within 45 days, but failed to do so. Realizing she had been defrauded, Sinde lodged a cheating complaint with Pal police who arrested Kushwah.
Time of India
7 days ago
- Business
- Time of India
Cheated investor of 3.66 cr, scamster's Dubai run ends in extradition
Surat: A Surat-based property broker, Upvan Jain alias Bunty Jain, who fled to Dubai after allegedly cheating a 62-year-old private sector employee of Rs 3.66 crore in a property scam, was deported by the United Arab Emirates (UAE) authorities following an extradition request by the Indian govt. Jain was taken into custody by the Surat Police Economic Offences Cell at Ahmedabad airport on Saturday and was produced in court the following day. He was remanded to three days of police custody. The case against Jain and his eight accomplices was registered at Adajan police station and later transferred to the Economic Offences (Eco) Cell for further investigation. According to the police, Jain operated as a broker in Surat and allegedly duped Gyanchand Jain between 2019 and 2020 by promising high returns on real estate investments. He sold him four properties — an office in VIP Plaza and flats in River Palace, The Legend and Castle Brown residential complexes — and collected Rs 3.66 crore in the process. Investigations revealed that Jain and his associates created forged sale deeds, used stolen govt stamp papers and opened fake bank accounts to receive and divert the funds. These accounts were registered with Sutex Co-operative Bank, IndusInd Bank and Surat People's Co-operative Bank. The money was subsequently routed through multiple accounts to avoid detection. On learning about the fraud, Gyanchand filed a police complaint against nine people: Upvan Jain, Ashwin Langadiya, Arif Pathan, Naresh Vadhel, Rasik Ambaliya, Bansi Kalsariya, Sangita Kalsariya, Chetan Magroliya, and Vijay Langadiya. While the Eco Cell has already arrested the other eight accused, Jain had fled India. After the complaint was lodged, Upvan initially took shelter in his hometown Udaipur, Rajasthan, before flying to Dubai. A Lookout Circular (LOC) was issued against him, but with no return in sight, the Indian govt pursued extradition under its bilateral treaty with the UAE. Based on India's formal request, Interpol detained Jain in Dubai. He was deported to India after the legal process was completed and handed over to Surat police at Ahmedabad airport.
