The Enforcement Directorate (ED) on Wednesday attached Rs 64.70 crore worth of assets held by a real estate firm in Radisson Blu hotel in Dwarka. 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.” 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.