ED attaches ₹28.36 cr assets in Punjab, Hry in bank fraud case
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.
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.
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.
