NSEL scam: ED attaches shares worth Rs201 crore in Delhi luxury hotel
Mumbai city news: The Enforcement Directorate (ED) on Thursday attached shares of businessman Jagmohan Garg worth Rs 201 crore in Hotel Radisson Blumumbai Updated: Jun 30, 2017 01:27 IST
The Enforcement Directorate (ED) on Thursday attached shares of businessman Jagmohan Garg worth Rs 201 crore in Hotel Radisson Blu in connection with its probe into the NSEL scam.
The hotel is located at Plot No. D at district centre in the outer ring road in Paschim Vihar,New Delhi
ED alleged that Garg of M/s Mohan India Pvt Limited holds a 50% share in the said property through its group company M/s Tirupati Infraprojects Pvt Limited.
“Of the said proceeds of Rs5,600 Crore (in NSEL scam, total liability of M/s Mohan India Pvt Limited was to the tune of Rs922 crore ,of which an attachment of Rs389 crore has been done by ED including the present attachment). The total attachment in this case has reached to the extent of Rs2,706 crore,” said a ED officer.
The agency stated that during the PMLA investigation, it was revealed that the M/s Mohan India Pvt Limited has fraudulently obtained huge funds from NSEL by trading on the exchange platform against non-existent/fictitious sale of their commodity-Sugar.
The money trail has revealed that a huge chunk of proceeds of crime has been transferred to M/s Tirupati Infra Projects Pvt Ltd for settling its liabilities and investment in the said company.
The fraud case involves the alleged fraud in the futures trade of commodities. The fraud involves alleged misappropriation and embezzlement of funds.
Following uncertainty of returns and the falling trade volumes, the investors began sending complaint applications to the Economic Offences Wing ( EOW )in the middle of August 2013. A case was then registered in the alleged fraud on September 30, 2013, with the MRA Marg police station and the investigation was handed over to the EOW. Based on the EOW case, the ED registered a PMLA case.