New Delhi: Cracking its whip on economic offenders, the Enforcement Directorate (ED) on Wednesday said that it has attached Rs 51 lakh of seven entities involved in providing a platform to the accused in a bank fraud case to facilitate money laundering.
The ED, in a statement, said that the financial probe agency attached assets worth Rs 51.86 lakh of the seven entities in connection with the bank fraud case against Green Valley Plywood Ltd and others. It said the attached assets include commercial property in Haryana’s Gurugram, and balances in the bank accounts.
The ED had filed the case of money laundering on the basis of FIR and charge sheet filed by the CBI. It was revealed that Green Valley Plywood Ltd and its promoter Jagmohan Kejriwal had siphoned off Rs 70.49 crore of the bank loan amount by devolving letter of credit by showing fictitious sales and purchase with the help of several entities.
According to the CBI, these entities were providing a platform to Green Valley Plywood Limited for money laundering. The ED said, during investigation it was revealed that out of the total inflow and outflow of these fictitious sale and purchase transactions, Rs 51.86 lakh was retained by seven of such entities, namely Global Interiors Ltd, Vikas Globalone Ltd, Vikas Polymers (India), Moonlite Technochem Pvt Ltd, Shubham Chemicals & Solvents Pvt Ltd, s Chemical Connection, Uniply Industries Ltd as commission for providing such platform for money laundering by layering of proceeds of crime.
Earlier, the ED has attached assets worth Rs 58.19 crore of Green Valley Plywood under Prevention of Money Laundering Act, 2002
