ED attaches Rs 177 cr assets in NSEL money laundering case

Source: The Hitavada      Date: 28 Dec 2017 08:57:16


 

MUMBAI/NEW DELHI,

THE Enforcement Directorate (ED) has attached fresh assets, valued at over Rs 177 crore, in connection with its money laundering probe in the National Spot Exchange Limited (NSEL) case.


The agency said in an official statement that it has issued a provisional order for attachment of “ten immovable properties having market value of Rs 177.33 crore under the Prevention of Money Laundering Act in case of NSEL. “The said properties are controlled by Surender Gupta of M/s P D Agro Processors Pvt Ltd and M/s Dunar Foods Ltd, a major defaulter of NSEL.”
With this order, the total attachment of assets in this case stands at Rs 2,890 crore, it said.


Describing its probe into this case of alleged default at the National Spot Exchange Limited (NSEL), the ED said the company “Ms P D Agro Processors Pvt Limited has fraudulently obtained huge funds from NSEL by trading on the exchange platform against non-existent/fictitious sale of their commodity, which is paddy/rice.


The money trail has revealed that a huge chunk of proceeds of crime has been transferred to M/s Dunar Foods Ltd, a sister concern of Ms P D Agro Processors Pvt Ltd.”
The ED, along with the Economic Offences Wing of the Mumbai Police, had registered a criminal case in 2013 under the PMLA to probe the NSEL and others associated with it.