ED Attaches Assets Worth ₹2.58 Crore Linked to HP Assistant Drug Controller Nishant Sareen in Money Laundering Probe
Directorate of Enforcement (ED), Chandigarh has provisionally attached movable and immovable
assets valued at Rs. 23.17 Crore (current mkt value Rs.50 Crore approx.) in Bank Fraud Case which belonging to M/s Sativa Global Exports & M/s Superior Soil Products (Both the firms beneficially owned by Rajesh Kumar), Chirag Gupta, Gautam Gupta, Ashok Kumar and Amit Kumar Gupta under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in the bank fraud case of M/s Sri Hari Har Overseas Pvt Ltd (SHHOPL). ED started an investigation based on an FIR.
CBI Registers FIR Against SHHOPL for ₹121.75 Cr PNB Fraud
The FIR was registered by the Central Bureau of Investigation (CBI), New Delhi. It was against M/s SHHOPL and its Directors. M/s SHHOPL defrauded the Punjab National Bank (PNB). They did this dishonestly. The fraud was done by fraudulently obtaining credit facilities from 2013 to 2019. The fraud involved falsifying financial statements. Later, they disposed of hypothecated stock and machinery that had been kept as security for loan repayment. This resulted in a wrongful loss of Rs. 121.75 Crore to the bank.
Bank Fraud Case : ED Probe: Rajesh Kumar Defrauded Bank, Siphoned Loan Funds”
ED investigation revealed that Rajesh Kumar defrauded the bank. He siphoned off the loan funds. He orchestrated the plan with the ill motive of acquiring the mortgaged properties. Rajesh kumar did this by conniving with two firms, namely M/s Sativa Global Exports & M/s Superior Soil Products. He infused Proceeds of Crime (POC) generated through M/s SHHOPL into their bank accounts. Rajesh Kumar used several individuals’ bank accounts.
He also used his family members’ and other entities’ accounts. Rajesh Kumar used this method to transfer the POC.M/s SHHOPL generated the POC and transferred it to M/s Sativa Global Exports and M/s Superior Soil Products through a complex maze of transactions. By adopting the said modus-operandi, Rajesh Kumar availed credit facilities through M/s SHHOPL using manipulated financial statements. He siphoned off the loan funds for wrongful gain to himself. Rajesh kumar acquired mortgaged properties. He distributed the POC to his firms.
Assets and Firms of Rajesh Kumar Attached Under Order
His firms are M/s Superior Soil Products and M/s Sativa Global Exports, which he beneficially owns. The bank conducted an e-auction. Chirag Gupta and Gautam Gupta used the POC.They are both sons of Rajesh Kumar. Each son purchased one flat at Gurugram. Chirag Gupta invested POC in FDR, and authorities have attached it. Factory premises include land and buildings.
There is also machinery.Rajesh Kumar beneficially owns both firms, M/s Superior Soil Products and M/s Sativa Global, in Nissing, Karnal. He also owns two house properties in Karnal and two flats in Gurugram. Authorities have attached an FDR of Rs 10 Lakh and a cash seizure of Rs 17.40 Lakh as POC under the attachment order.
Further investigation is under progress
About the Author
