You are here: Home » PTI Stories » National » News
Business Standard

ED attaches Rs 64.70 cr assets invested in Delhi 5-star hotel

Press Trust of India  |  New Delhi 

The ED has attached assets worth Rs 64.70 crore, invested in a luxury hotel based here, in connection with its money laundering probe against a real estate firm and others.

The agency, in a statement, said it has provisionally attached "holding of Ms Divine Infracon Private Limited to the extent of Rs 64.70 crore in a hotel property... Managed by Radisson Blu."

It added that "Sant Lal Aggarwal and Satish Kumar Pawa are the key persons and main beneficiaries of money laundering amounting Rs 64.70 crore."


The Enforcement Directorate (ED) registered a criminal case last month under the Prevention of Money Laundering Act (PMLA) based on a charge sheet filed by the Serious Fraud Investigation Office against certain individuals and firms "for providing accommodation entries by accepting funds from their beneficiaries through mediators and converting the same into share premium transactions in the beneficiary company".

The agency said its "investigations conducted so far have revealed that Jain brothers, Surendra Kumar Jain and Virendra Kumar Jain besides others laundered unaccounted money of Ms Jagat Projects Private Limited amounting to Rs 64.70 crore.

"They with the help of mediators laundered the unaccounted money through the process of placement of funds, layering of transactions and the final integration of laundering money into the banking channel camouflaged as legitimate share premium transactions," it said.

It said they provided "accommodation entries by accepting funds from their beneficiaries through mediators and converting the same into share premium transactions in the beneficiary company.

"In this process, Jain brothers earned commission as a certain percentage of the unaccounted money converted into share premium. This laundered money was invested in the above hotel (Radisson Blu), which was constructed by Ms Divine Infracon Private Limited, a sister concern of Ms Jagat Project Limited."

An attachment under PMLA is aimed to deprive the accused from obtaining benefits of their ill-gotten wealth and such an order can be appealed before the adjudicating authority of the said Act within 180 days.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, March 15 2017. 20:23 IST
RECOMMENDED FOR YOU