Enforcement Directorate attaches assets worth Rs 177 crore in NSEL case

ED is probing a case of money laundering in connection with the case where thousands of investors were allegedly duped of their hard-earned money. The ED case is based on a 2013 FIR registered by the Economic Offences Wing of the Mumbai Police.

“It was alleged that the accused persons in the said case hatched a criminal conspiracy to defraud the investors, induced them to trade on the platform of NSEL, created forged documents like bogus warehouse receipts, falsified the accounts and thereby committed criminal breach of trust against apprx. 13,000 investors to the tune of Rs 5,600 crores,” and ED statement said.

“Out of the said proceeds of Rs 5,600 crore, total liability of M/s P D Agro Processors Pvt Ltd was to the tune of Rs 637 crore and the ED has provisionally attached the properties of Rs 215 crore of M/s P D Agro Processors Pvt Ltd & M/s Dunar Foods Ltd including this present attachment,” the statement added.

The total attachment in this case has already reached close to Rs 2,900 crore.

ED said that during its probe it has been revealed that P D Agro Processors has fraudulently obtained huge funds from NSEL by trading on the exchange platform against non-existent/fictitious sale of their commodity i.e. paddy/rice.

“The money trail has revealed that a huge chunk of proceeds of crime has been transferred to M/s Dunar Foods Ltd, sister concern of M/s P D Agro Processors Pvt Ltd. A prosecution complaint has also been filed against the said accused on 30/03/2015 before the Special PMLA Court, Mumbai,” the ED statement said.