After provisionally attaching a property here in connection with a case against Homi Rajvansh, a former Additional Managing Director of the National Agricultural Cooperative Marketing Federation of India, and others, the Enforcement Directorate is contemplating a separate probe into other allegations of irregularities in Nafed during his tenure.
Mr. Rajvansh along with five others was arrested by the CBI in September 2011 in three cases of financial irregularities which caused the exchequer a loss of over Rs. 167 crore. According to the agency, in 2005 he conspired with private firms, and issued them post-dated cheques and loans without any collateral.
The ED enquired into three complaints against Mr. Rajvansh including the one pertaining to an alleged disproportionate assets case.
While one of the cases was recently converted into a regular case, the agency is at present examining the other two complaints to ascertain whether they warrant registration of separate cases for further probe.
In the case registered on the basis of the CBI charge sheet against Mr. Rajvansh, his wife Alka, Manish Kant Agarwal and Delhi-based M.K. International Limited in 2009, the ED found that in 2004-05 the company purchased 1,01,500 tonnes of imported raw sugar worth Rs. 111.69 crore from Nafed on high seas sales agreements entered into between the two sides.
Subsequently, the sugar was released to the company purportedly without any collateral. While the accused firm sold the sugar for a profit, it did not pay Rs. 42.80 crore due to Nafed.
Mr. Rajvansh was then heading Nafed’s finance and accounts division. It has been alleged that Mr. Agarwal, in lieu of the “favour,” paid Rs. 1.5 crore by two cheques through his holding firms — Duoroyale Enterprises and Sri Radhey Trading Limited — in the name of Mahanivesh Oil & Food Limited, in which Alka was a director.
The ED alleges that Ms. Rajvansh purchased the Vasant Vihar property from the proceeds of the crime, and it was provisionally attached recently.
