EOW calls on directors of PD Agro, Namdhari

Sees money trail link with real estate developer Primezone promoted by PD's ex CFO

Continuing investigations and money trail in the Rs 5600 crore National Spot Exchange Ltd (NSEL) scam, the Economic Offences Wing of the Mumbai Police has called on the directors of Namdhari Foods and P D Agroprocessors. While two companies under Namdhari Group i.e. Namdhari Food International and Namdhari Rice & General Mills; have a total payment obligations of Rs 51.07 crore an dRs 10.45 crore respectively, P D Agro is the third largest defaulter of NSEL with obligations of Rs 639.55 crore after N K Proteins (Rs 969.89 crore) and ARK Imports (Rs 719.50 crore) as on July 15.

 

The EOW has also gone a step ahead to call on Ranjeev Aggarwal, director of Primezone Developers, a real estate company, amid links of investments made by two key NSEL officials including ex-MD and CEO Anjani Sinha and his close associate Amit Mukherjee. Understandably, Aggarwal was the chief financial officer (CFO) at PD Agro before starting his real estate venture.

 

Meanwhile, Aggarwal has offered NSEL to pay Rs 42.77 crore to it directly. This amount was jointly invested by PD Agro, Mohan India and Swastik Overseas in a project being developed by Primezone in Karnal, Haryana, an NSEL statement said.

 

Of the amount indirectly invested in Primezone’s project, PD Agro’s contribution was Rs 31.10 crore, while that of Mohan India was Rs 10 crore. Swastik Overseas invested Rs 1.67 crore in the project.

 

Primezone has agreed to pay NSEL Rs. 42.77 crore in eight installments, vide cheques as per the schedule agreed upon. The first payment of Rs 1 crore, as per the schedule, has been received today, the statement said.

 

PD Agro, the third largest borrower of NSEL which traded on the Exchange on behalf of Dunar Foods Ltd., Dulisons Cereals and Dulisons Foods, has a payment obligation of Rs 637.49 crore., of which has so far only managed to pay Rs 7.06 crore of the outstanding amount. 

 

Surender Gupta of P D Agro, the third largest defaulter on NSEL, is believed to be working closely with new projects of AB Waves Constructions.