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Enforcement Directorate (ED) has attached properties of Mohan India under the Prevention of Money Laundering Act (PMLA).
Mohan India and its group companies, Tavishi Enterprises Pvt. Ltd. and Brinda Commodity Pvt. Ltd, are one of the biggest defaulters in the NSEL Scam and owes the investors about Rs. 922 crores.
The PMLA has stringent provisions of attachment of properties, arrest and prosecution.
Enforcement Directorate is investigating the fund trail of other defaulters and role of NSEL and its officials are under scanner.
Enforcement Directorate had conducted searches of the premises of Mohan India group earlier on 31 October and identified properties which were laundered into real estate, commercial and residential properties and expensive cars. These proceeds of crime are located across the country in cities of Delhi, Lucknow, Gurgaon, Mumbai, Chandigarh, Karnal.
The properties include land, luxurious villas, flats and high end cars like Range Rovers. Funds have also been laundered for purchase of properties in the name of Director of Mohan India and for purchase of a hotel in Goa. The promoters have admitted to have acquired funds from NSEL without any stock of sugar and laundering of these funds.
Enforcement Directorate investigation into trail of funds include payoffs by Mohan India to Amit Mukherjee, an employee of NSEL for purchase of a flat valued at 4.5 crores in Mumbai and a rangerover. These properties have also been attached.
Enforcement Directorate sleuths investigating the case have revealed formation of a number of shell companies and multi-layer laundering of funds. Attached properties are valued at Rs.75 crores and ED is likely to attach remaining properties shortly.
