ED attaches properties worth Rs 40 cr of software company that owned children’s magazine ‘Chandamama’

With this fresh attachments, the total attachment in the case stands approximately Rs 57.14 crore. ED’s case is based on an FIR filed in 2018 registered by Mumbai’s MIDC police station under various sections of IPC against the directors of M/s Geodesic Ltd. via Prashant Mulekar, Kiran Kulkarni, Pankaj Kumar Srivastava & their tax consultant Dinesh Jajodia for defrauding the shareholders as well as FCCB holders to the tune of USD 125 million. The anti-money laundering agency’s investigation revealed that M/s.

Geodesic Limited raised FCCB to the tune of 125 million USD in 2008 for the purpose of overseas acquisition and investment in joint venture/wholly owned subsidiary of M/s Geodesic Ltd. However, FCCB funds were misappropriated and misutilised for investment/lending activities in other overseas companies and also transferred to the Indian accounts of M/s Geodesic Ltd. with the deceitful intention to siphon off the foreign funds. M/s. GL had siphoned off shareholders’ money by entering into fictitious sale/purchase of software from six major shell companies, the ED stated.

It has also been revealed that huge amount of funds were transferred into shell companies from M/s Geodesic Ltd which were under management and control of Dinesh Jajodia and others and further to individual accounts of Savi Group of companies which were ultimately used to purchase immovable properties, says agency’s statement.

Earlier, immovable properties worth Rs 16.52 crore belonging to directors of the company were attached by ED. Also, ED had arrested four persons including directors of M/s Geodesic Ltd viz. Prashant Mulekar, Pankaj Srivastava, Kiran Kulkarni along with its tax consultant Dinesh Jajodia in this case.