Prayagraj, July 18 (IANS) The ED attached movable and immovable properties worth Rs 3.94 crore in connection with a Rs 1,970 crore bank fraud by JVL Agro Industries Limited and others, an official said on Saturday.
The Enforcement Directorate (ED), Allahabad Sub-Zonal Office, Prayagraj, attached the properties by way of issuance of three Provisional Attachment Orders (PAOs) under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, said the ED official in a statement.
The attachment action was in connection with the ongoing investigation in the matter of JVL Agro Industries Limited and others, it said, adding that the total Provisional Attachment in the case now stands at Rs 882.61 crore.
The ED initiated an investigation based on the FIR registered and Charge Sheet filed by CBI, Lucknow, for offences committed under various sections of the Indian Penal Code, 1860.
Investigation further revealed that JVL, in association with its promoter Satya Narayan Jhunjhunwala and associates, engaged in a well-planned criminal conspiracy with ill intentions for personal gains, the ED said.
The federal probe agency’s investigation revealed that Satya Narayan Jhunjhunwala entered into a criminal conspiracy with his associates and caused a loss of over Rs 1,970 crore to the Consortium of Banks.
The Proceeds of Crime were strategically diverted from company funds through family members, relatives, various entities, including his own paper entities and companies/firms under the control of his family members, for personal gain, the ED said.
During the investigation, searches were carried out under section 17 of the PMLA at 13 premises associated with Satya Narayan Jhunjhunwala and others, the ED said.
Also, earlier, two PAOs valued at Rs 878.67 crore were issued by the ED and the same were confirmed by the Adjudicating Authority, PMLA.
A charge sheet was filed in the case against JVL Agro Industries Ltd and other accused persons, and cognisance has been taken by the Special Court, PMLA, the ED said.
The total Proceeds of Crime generated by the promoters using the above-mentioned modus operandi has been quantified at Rs 1972 crore. Accordingly, the total Provisional Attachment in the case now stands at Rs 882.61 crore.
–IANS
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