New Delhi: The Enforcement Directorate (ED) on Friday June 3 said that they have attached proceeds of crime in the form of immovable assets worth Rs 20.96 crore belonging to IFFCO Managing Director Udai Shanker Awasthi in its ongoing investigations against Directors of IFFCO and Indian Potash Ltd (IPL) and others.
The attached properties include residential houses at New Delhi which includes the residential property located at Hauz Khas Enclave which the accused had got transferred to himself from IFFCO, Gurugram, and Himachal Pradesh.
The attachments were conducted on June 2 under Section 5 of the PMLA act.
Earlier, the ED had attached movable assets, FDRs, of Rs 27.79 crore in the name of Amarendra Dhari Singh, $475,4606 (approx Rs 36.55 Crore as per prevailing exchange rate) lying in the Swiss bank accounts of Atrium Holdings Ltd and Artistic Holdings Ltd (both beneficially owned by Pankaj Jain) and residential and commercial properties worth Rs 54.11 lakh belonging to Jain in this case.
Thus, the total attachment in this case comes to about Rs 86 crore so far.
The ED initiated money laundering investigation on the basis of the CBI’s FIR lodged against various suspects including Awasthi, Jain, Promoter of Jyoti Trading Corporation and Rare Earth Group, Dubai, Amarendra Dhari Singh and others.
They were accused by the CBI for allegedly hatching criminal conspiracy, cheating and criminal misconduct.
The ED learnt in the investigation that Awasthi and others in IFFCO generated proceeds of crime and layered it through various unrelated entities and part of PoC was then transferred to the entities controlled by them.
The ED had also filed a prosecution complaint (charge sheet) in 2021 against six accused.
The court had held that all accused persons knowingly assisted and involved in acquisition of proceeds of crime.
