The Enforcement Directorate (ED) has attached the properties of Mohan India under the Prevention of Money Laundering Act (PMLA). Mohan India and its group companies Tavishi Enterprises and Brinda Commodity are among the biggest defaulters in the National Spot Exchange (NSEL) scam. These companies owe Rs 922 crore to NSEL.
PMLA has stringent provisions of attachment of properties, arrest and prosecution.
The ED is investigating the fund trail of other defaulters and the role of NSEL and its officials, are also under the scanner.
Funds have also been laundered to buy a hotel in Goa. The promoters have admitted to acquiring funds from NSEL without any stock of sugar and laundering these funds.
The investigation into the trail of funds includes payoffs by Mohan India to Amit Mukherjee, an NSEL employee to purchase a flat valued at Rs 4.5 crore in Mumbai.
ED sleuths investigating the case have revealed the formation of a number of shell companies and multi-layer laundering of funds. Attached properties are valued at Rs 75 crore and the ED is likely to attach the remaining properties shortly.
PMLA has stringent provisions of attachment of properties, arrest and prosecution.
The ED is investigating the fund trail of other defaulters and the role of NSEL and its officials, are also under the scanner.
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The directorate had raided Mohan India group premises on October 31 and identified flow of investments to real estate, commercial and residential properties in Delhi, Lucknow, Gurgaon, Mumbai, Chandigarh and Karnal. The properties include land, luxurious villas, flats and high-end cars, including Range Rovers.
Funds have also been laundered to buy a hotel in Goa. The promoters have admitted to acquiring funds from NSEL without any stock of sugar and laundering these funds.
The investigation into the trail of funds includes payoffs by Mohan India to Amit Mukherjee, an NSEL employee to purchase a flat valued at Rs 4.5 crore in Mumbai.
ED sleuths investigating the case have revealed the formation of a number of shell companies and multi-layer laundering of funds. Attached properties are valued at Rs 75 crore and the ED is likely to attach the remaining properties shortly.
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