Bhubaneswar, Nov 3 — The Directorate of Enforcement (ED), Bhubaneswar Zonal Office, has provisionally attached immovable property worth Rs. 24.60 Crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in a money laundering case involving M/s Maa Tarini Industries Limited (MTIL) and others, said the agency in a statement on Tuesday.
The attached property comprises the Ground Floor, First Floor and part of the Second Floor of Pluto Plaza Mall, situated at Chhend of Rourkela in Odisha, in the name of M/s Pluto Plaza Private Limited, a company controlled by Hanuman Khedaria.
The ED investigation was initiated based on an FIR registered by CBI, ACB, Bhubaneswar, under various provisions of the Indian Penal Code, 1860 and the Prevention of Corruption Act, 1988, against M/s Maa Tarini Industries Limited, its directors and officials of PEC Limited, a Government of India enterprise under the Ministry of Commerce and Industry.
“It was alleged that MTIL, in connivance with certain officials of PEC Limited, fraudulently obtained financial assistance of Rs. 19.40 Crore for procurement of iron ore by misrepresenting its financial position and concealing existing charges over its assets. M/s Tathagat Exports Private Limited (TEPL), a related company, had also availed financial assistance of Rs. 16 Crore from PEC Limited,” the ED added.
The agency also pointed out that the total outstanding liability towards PEC Limited was approximately Rs. 56.89 Crore, including interest at the time when the loan became NPA.
The sleuth, during the course of investigation, found that the funds obtained from PEC Limited were diverted through the bank accounts of MTIL and TEPL and utilised towards payment of share purchase consideration to the erstwhile shareholders of MTIL, which included Hanuman Khedaria.
The ED investigation further revealed that Hanuman Khedaria and his associated entities received proceeds amounting to approximately Rs. 15.31 Crore, which, along with the proportionate interest component, amounted to Rs. 24.60 Crore.
These funds were subsequently routed through various bank accounts and utilised for different purposes, including cash withdrawals, investments and business expenses.
“Accordingly, immovable property worth Rs. 24.60 Crore belonging to M/s Pluto Plaza Private Limited has been provisionally attached as value equivalent to the proceeds of crime under the PMLA, 2002,” the agency said.