The Enforcement Directorate has attached assets worth over ₹50 crore across four States in connection with two money laundering cases.
In a case related to Bank of Baroda’s Delhi branch, overseas remittances using shell companies are under investigation. The ED has attached immovable properties worth ₹31 crore of two accused, Manmohan Singh Sehgal and his son Gagandeep.
The agency had launched investigations on the basis of an FIR registered by the Central Bureau of Investigation. “The probe has revealed that huge amounts of cash were directly deposited in the bank accounts or in shell companies and sent through RTGS into the said suspect accounts,” said the agency.
The ED alleges that Mr. Sehgal and his son were involved in laundering the money and that they created assets for the same. Accordingly, the properties: land parcels in Goa, one Hotel China Town and business premises in Delhi’s Karol Bagh, residential premises in a posh locality of Delhi and some high-end cars, have been attached.
In another case involving Siddhi Vinayak Logistic Limited, the Directorate has attached assets worth ₹19.62 crore in Surat, Pune and Nagpur. The accused are alleged to have cheated Bank of Maharashtra of ₹836.29 crore by availing of loans in the name of 2,804 truck drivers.
“During investigation, the ED found that on the instructions of alleged mastermind Rupchand Baid, Bank of Maharashtra had disbursed loan amount of ₹117.6 crore to a shell company, Advance Metal Corporation operating from Kalbadevi, Mumbai, by representing them before banks as a truck body builder. It was, however, allegedly involved in the practice of cheque discounting.
According to the agency, the bank also disbursed ₹130.6-crore loan to Addplus Distributors, which was allegedly shown as an authorised dealer of Ashok Leyland.
