ED attaches two tunnel boring machines in money laundering cases against infra firm
New Delhi: The Enforcement Directorate (ED) said on Wednesday it has attached two tunnel boring machines worth Rs 33 crore belonging to a private company – Era Infra Engineering Limited (EIEL), which is under investigation in a money laundering case.
“The attached assets include two tunnel machines kept at the Delhi Metro Rail Corporation (campus) at Mundka in Delhi valued at Rs 18.31 crore and Rs 15.40 crore respectively. They are owned by Era Infra Engineering Limited,” the agency said in a statement.
ED had initiated a probe under Prevention of Money Laundering Act (PMLA) against the company and its Chairman and Managing Director Hem Singh Bharana, unknown bank officials, some private persons and others on the basis of a CBI case of April, 2018.
The Central Bureau of Investigation (CBI) case against Era Infra pertains to criminal conspiracy, cheating, forgery and use of forged documents and criminal misconduct by Bharana and other accused persons in sanction, disbursement and utilisation of two term loans amounting to Rs 650 crores.
“Investigations conducted by ED have revealed that the funds were disbursed and utilised in a manner defying the sanctioned purpose. Out of Rs 450 crore disbursed by UCO Bank, amount of Rs 211 crores and Rs 25 crore (respectively) were utilised for purposes beyond the purview of the sanctioned terms,” ED said in its statement.
“Amount diverted by EIEL comes to Rs 236 crore out of the term loan of Rs 450 crore. Further an amount of Rs 14.70 crore was diverted from the other sanctioned amount of Rs 200 crore and thus the total amount diverted by EIEL in this manner comes to Rs 250.70 crore which qualifies as ‘Proceeds of Crime’ under PMLA,” ED added.
The agency added that out of total proceeds of crime of Rs 250.70 crore, assets valued at Rs 5.72 crore were provisionally attached earlier.
After Wednesday’s attachment of Rs 33.71 crore of two machines, total attachment of assets is worth Rs 39.43 crores, it said.
“Further investigations to trace and identify the proceeds of crime and assets are under progress” ED said.
Calls made to Era Infra office remained unanswered.