Money Laundering 3270 Cr : Chartered Accountant’s assets and bank balance seized by ED

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We are Sharing With You Money Laundering 3270 Cr : Chartered Accountant’s assets and bank balance seized by ED . So kindly Check Out our http://www.castudynotes.com website and ALL the Best for Your upcoming Exams.

CA STUDY NOTES

Enforcement Directorate of (ED) has provisionally attached 59 immovable and movable properties including 53 plots, commercial shops, Industrial plots, agricultural land located at Delhi, Noida, Sonepat (Haryana), Jalandhar, Hyderabad and balances in bank accounts having value of Rs. 28. 67 Crore belonging to Sunil Dhupar, former CA and statutory auditor of M/s Shakti Bhog Foods Ltd (SBFL) & his family members/companies, Indeep Singh Arora & his family members and accommodation entry operator Devender Kumar under the Prevention of Money Laundering Act (PMLA), 2002 in the case of M/s Shakti Bhog Foods Ltd. (SBFL).

ED initiated money laundering investigation on the basis of FIR registered by CBI against M/s Shakti Bhog Foods Limited others, for criminal conspiracy, cheating and criminal misconduct resulting in bank fraud of Rs. 3269.42 Crore. Shakti Bhog Foods Limited utilized bogus sale-purchase bills from shell entities under the management and control of Devender Kumar & other entry operators for siphoning off loan funds and fictitiously enhancing the turnover of SBFL Group companies, without having any genuine business transactions.

Sunil Dhupar, CA and Indeep Singh Arora, Advocate were involved in settlement of SEZ Land Deal of SBFL by orchestrating the movement of proceeds of crime through bank accounts of family members and shell entities. Earlier in this case, ED had conducted searches on various premises and 6 persons namely Kewal Krishan Kumar, CMD of SBFL, Siddharth Kumar, Director of SBFL, Tarun Kumar, VP (Purchase) of SBFL, Raman Bhuraria, CA of SBFL, Ashok Kumar Goel and Devki Nandan Garg, both entry operators, had been arrested under the provisions of Prevention of Money-laundering Act, 2002. At present three persons Siddharth Kumar, Tarun Kumar and Ashok Kumar Goel are in judicial custody.

One Prosecution Complaint and three Supplementary Complaints against all accused persons have been filed before Hon’ble Special Court and cognizance of the offence against accused persons has been taken by the Hon’ble Court. Prior to this, ED had attached various immovable and movable properties of the accused persons and other entities having book value of over Rs. 100.44 Crore.

The total attachment, as on date, in this case stands at Rs. 129.11 Crore. Further investigation is under progress.

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