New Delhi [India], July 10 (HBTV): The Enforcement Directorate (ED) has attached immovable properties worth INR 28.36 crore located in Delhi, Gurugram, Faridabad, Sonipat, Amritsar, and Greater Noida in connection with a bank fraud case exceeding INR 950 crore linked to Sunstar Overseas Ltd., the agency said.

The ED’s Gurugram Zonal Office attached the properties under the Prevention of Money Laundering Act (PMLA), 2002.

The federal agency initiated its investigation based on a First Information Report (FIR) registered by the Central Bureau of Investigation (CBI), Chandigarh, against Sunstar Overseas Ltd, its former directors—Rohit Aggarwal, Rakesh Aggarwal, Naresh Aggarwal, Sumit Aggarwal—and others under various sections of the Indian Penal Code, 1860, for ‘committing fraud, criminal misappropriation, criminal breach of trust, cheating and causing wrongful loss of more than INR 950 crore to a consortium of nine lender banks led by Karur Vysya Bank’.

The ED stated that its investigation revealed that the ex-directors and promoters of Sunstar Overseas Ltd laundered the loan amounts through a web of related and beneficially owned entities, including a shell entity and a dummy company.

‘Investigation also revealed that ex-directors and promoters of SOL regained actual and indirect control by misusing the Corporate Insolvency Resolution Process (CIRP) proceedings of the National Company Law Tribunal (NCLT),’ the ED said in a statement.

During the probe, the ED conducted searches in January last year and seized cash amounting to INR 1.19 crore and 226 grams of gold. In July last year, the agency arrested three key individuals—Rakesh Gulati (Chartered Accountant), Paramjeet Sharma, and Ajay Yadav [Successful Resolution Applicant (SRA)]—for their involvement in the conspiracy and diversion of loan funds along with the ex-directors and promoters.

Moreover, in August the previous year, the ED had also attached properties valued at INR 294 crore in the same case.

Based on its findings, the agency filed a Prosecution Complaint on August 29 last year, arraigning 25 persons and entities, including the former directors, promoters, and other involved parties. The Special Court (PMLA), Central District, Tis Hazari Courts, Delhi, took cognisance of the complaint on September 25 last year.

During further investigation, the ED said it unearthed additional proceeds of crime allegedly siphoned off and used by a related entity—Star Track Fasteners Pvt Ltd—as well as other properties acquired by the ex-directors, promoters, and their family members, which have now been attached.

The total value of attached assets in the case so far stands at INR 322.55 crore, the agency added.

(ANI)