The Enforcement Directorate (ED) has attached assets worth ₹294.19 crore in a money laundering case involving Sunstar Overseas Limited and others, who have been accused of cheating a consortium of nine banks to the tune of ₹950 crore.
The attached assets are in the form of land and buildings, including agricultural land, of 72 acre worth ₹210.6 crore in Haryana’s Sonepat and Gurugram, and Amritsar; two residential houses in Civil Lines, Delhi, of more than 5000 sq. metre worth ₹77 crore; four flats in Karnal, Haryana, worth ₹1.54 crore as well as a bank balance of ₹1.27 crore and fixed-deposit worth ₹3.78 crore.
The action has been taken on the basis of a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) against Sunstar Overseas, its former directors Rohit Aggarwal, Manik Aggarwal, Sumit Aggarwal, and others.
According to the ED, its probe revealed that whereas the total admitted claim against the company was ₹1,274.14 crore, the entity was taken over through Corporate Insolvency Resolution Process proceedings only for ₹196 crore by a resolution applicant, Umaiza Infracon LLP, through one Ajay Yadav, being a shell entity without having any funds of its own.
The agency had earlier conducted searches in January and arrested three accused persons including Mr. Yadav, Rakesh Gulati and Paramjeet, on the charge that they were involved in the conspiracy and diversion of loan funds to regain the actual control and business of an insolvent company from the National Company Law Tribunal.