Bank Fraud Case: ED Seizes Properties Worth Rs 28 Crore In Gurugram, Delhi, Faridabad

(MENAFN- IANS) Gurugram, June 27 (IANS) The Enforcement Directorate attached immovable properties worth Rs 28.36 crore located at Delhi, Gurugram, Faridabad, Sonipat, Amritsar and Greater Noida in a case involving a company's bank fraud of over Rs 950 crore, an official said.

The seizure of properties was done under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in the case of Sunstar Overseas Ltd and others. The total value of attached assets in the case so far stands at Rs 322.55 crore, said the official in a statement.

The ED initiated investigation based on the FIR of Central Bureau of Investigation, Anti-Corruption Branch, Chandigarh registered against Sunstar Overseas Ltd (SOL), its ex-directors -- Rohit Aggarwal, Rakesh Aggarwal, Naresh Aggarwal, Sumit Aggarwal and others under various sections of IPC, 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.

The ED investigation revealed that ex-directors/promoters of SOL laundered the loan through a web of related/controlled/beneficially owned entities, shell entity and dummy entity.

Investigation also revealed that ex-directors/promoters of SOL regained actual and indirect control by misusing Corporate Insolvency Resolution Process (CIRP) proceedings of the National Company Law Tribunal (NCLT).

During the investigation, the ED conducted searches in January 2024 under section 17 of PMLA and seized Rs 1.19 crore and 226 grams of gold.

In July 2024, the ED arrested three key persons -- Rakesh Gulati (CA), Paramjeet Sharma and Ajay Yadav -- involved in the conspiracy and the aforesaid diversion of loan funds along with ex-directors/promoters under section 19 of the PMLA.

The ED also attached properties valued at Rs 294 crore in this case in August 2024, which has been confirmed by the Adjudicating Authority (PMLA).

Based on the findings, a Prosecution Complaint was filed on August 29, 2024, under sections 44 and 45(1) of PMLA, arraigning 25 persons and entities, including the aforesaid entities, ex-directors/promoters and others. Its cognisance was taken by the Special Court (PMLA), Central District, Tis Hazari Courts, Delhi on September 25, 2024.

During further investigation, the ED unearthed additional Proceeds of Crime being siphoned off and used by its related entity -- Star Track Fasteners and other properties acquired by ex-directors/promoters and their family members, which have now been attached.

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