ED attaches properties worth over 64 crore in money laundering case

Lucknow: The Enforcement Directorate (ED) on Tuesday provisionally attached properties worth Rs 64.36 crore under the provisions of the Prevention of Money Laundering Act (PMLA) in the case of JVL Agro Industries Ltd and others.

The ED initiated an investigation based on an FIR and a charge sheet filed by CBI, Lucknow, for offences committed under various sections of the Indian Penal Code, 1860. JVL Agro Industries Ltd, in association with its promoter Satya Narayan Jhunjhunwala and associates, who, according to officials, engaged in a well-planned criminal conspiracy for personal gains. The company diverted and siphoned off loans and working capital amounting to over Rs 80 crore through Kolkata-based paper entities controlled by Anil Khemka.

The attached immovable properties are registered in the names of Nilamber Trexim & Credit Pvt Ltd, Baystar Concrete Company Pvt Ltd (both paper entities of JVL Group), Grand Bazaar Developers LLP, Sonam Jhunjhunwala, Supreme Technofabs Pvt Ltd, Komal Kedia & Rama Shankar Khemka.

These properties are in Kolkata, Purba Medinipur, Paschim Bardhaman (WB), Cuttack (Odisha), Aurangabad (Bihar), Dadra & Nagar Haveli, and Delhi. Additionally, movable properties in the form of FDRs held by Vinod Fincap Pvt Ltd were also attached.

The funds were further transferred to JVL Group companies, key management personnel, and associates. The diverted funds were ultimately used to acquire shares of JVL Agro Industries Ltd itself. tnn