Enforcement directorate conducts raids in NAFED defraud case
Hard disks, laptops, I-pads, cheque books and over 40 rubber stamps of various companies and property-related documents were seized by the ED sleuths in the raids.Updated: Aug 31, 2017 21:18 IST
The Enforcement Directorate (ED) has conducted multiple searches in the national capital in connection with its money laundering probe in the alleged Rs 390 crore-NAFED defraud case.
The central probe agency said it conducted the raids on Wednesday at three locations of OP Agarwal and Manish Kant Agarwal and their firms Ms Earthtech Enterprises Limited and Ms MK International Limited here.
Hard disks, laptops, I-pads, cheque books and over 40 rubber stamps of various companies and property-related documents were seized by the ED sleuths in the raids.
The ED, based on a CBI FIR, has registered a criminal case under the provisions of the Prevention of Money Laundering Act (PMLA) in the case.
“Investigation conducted so far has revealed that OP Agarwal and MK Agarwal through their companies had an agreement with the National Agricultural Cooperative Marketing Federation of India (NAFED) for import and export of agriculture and non-agriculture products.”
“OP Agarwal and his associates diverted the funds, due to NAFED (against the line of credit issued by the Union Bank of India and export proceeds), to the tune of Rs 390 crore through their companies namely Ms Roseberry Global FZE, Trance Asia, Money Time Investment among others of Dubai and thus, made wrongful loss to NAFED and wrongful gain to them,” it said.
The agency said its probe further found that the duo “parked” these funds in the accounts of their shell companies, accounts of their employees, immovable properties and in the capital market.
The ED has also attached assets worth Rs 16 crore in this case. “Further investigation is in progress,” it said.
NAFED was established in 1958 with an aim to promote cooperative marketing of agricultural produce to benefit the farmers.
First Published: Aug 31, 2017 21:11 IST