ED attaches properties worth Rs 26.30 crore in Rs 139 crore cheating case
The properties include 24 immovable assets held in the names of Sunil Kumar Garg (ex-Managing Director), Nikhil Agarwal (ex-Finance Head), their family members, and associated firms, the ED revealed in a statement on Tuesday.
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According to the ED, between 2010 and 2020, the former employees colluded to defraud HUF India Pvt Ltd. They manipulated purchase orders, created false invoices, and used a fake company stamp to generate goods receipt notes (GRNs). These actions allowed them to release funds to vendors without any goods or services being provided.
The Enforcement Directorate (ED) has provisionally attached immovable properties worth Rs 26.30 crore in connection with a Rs 139 crore cheating case under the provision of Prevention of Money Laundering Act (PMLA).
The attached properties were acquired using proceeds from crime by former employees of M/s HUF India Pvt Ltd, a wholly-owned subsidiary of the Germany-based HUF Halswerk and Furst GMBH & Co. KG. The properties include 24 immovable assets held in the names of Sunil Kumar Garg (ex-Managing Director), Nikhil Agarwal (ex-Finance Head), their family members, and associated firms, the ED revealed in a statement on Tuesday.
The ED’s investigation stems from an FIR filed by Sandeep Jagdish Choudhary, Managing Director of HUF India Pvt Ltd, at Chakan Police Station. The FIR accuses ex-employees of defrauding the company of Rs 139 crore. The police have charged the accused under sections 420, 406, 409, 467, 468, 471, and 34 of the Indian Penal Code.
According to the ED, between 2010 and 2020, the former employees colluded to defraud HUF India Pvt Ltd. They manipulated purchase orders, created false invoices, and used a fake company stamp to generate goods receipt notes (GRNs). These actions allowed them to release funds to vendors without any goods or services being provided.
The vendors involved in the scam subsequently transferred the funds back to the bank accounts of Garg, Agarwal, their family members, and associated firms under the pretense of providing consultancy services, despite no such services being rendered. The accused also extorted commission payments from vendors, threatening to stop their services unless payments were made.
The illicit funds were transferred into personal and dummy firm accounts, which were then used to acquire movable and immovable properties in the names of Garg, Agarwal, their families, and the firms.
Earlier, on September 4, 2024, the ED conducted searches at the premises of the accused and vendors, freezing bank accounts, fixed deposits, shares, and mutual fund investments worth Rs 10.15 crore.
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