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IL&FS PMLA case: ED attaches Rs 452-cr price property of Singapore shell firm

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New Delhi: The Enforcement Directorate has hooked up property price Rs 452 crore of a Singapore-based “shell” or doubtful firm in reference to its cash laundering probe within the IL&FS alleged fee default disaster, the company stated on Tuesday. The property, provisionally hooked up below Prevention of Money Laundering Act (PMLA) provisions, are within the type of shares “belonging” to A S Coal Pte Singapore, a shell firm owned by British nationwide Jaimin Vyas, the central probe company stated in a press release.

“The attached assets are in the form of 8.86 per cent shares of ILFS Tamil Nadu Power Company Limited (ITPCL) presently worth around Rs 452 crore,” it stated.

This 2019 cash laundering case stems from a Delhi Police financial offences wing FIR filed towards IRL, ITNL (group corporations of IL&FS), its officers and others.

The ED additionally took cognisance of a compliant filed by its sister probe company, the Serious Fraud Investigation Office or SFIO, towards IL&FS Financial Services (IFIN) and its officers.

The ED stated its probe discovered that there “was a well planned conspiracy to defraud IL&FS and Indian banks by Jaimin Vyas in connivance with officials on IL&FS and a Chinese EPC contractor named SEPCO III”.

“The company’s right to select the EPC (engineering, procurement and construction) contractor was illegally delegated to Jaimin Vyas violating the terms and conditions of share purchase agreement,” it alleged.

Vyas, it stated, nominated SEPCO as EPC contractor and acquired “kick backs” in guise of charges for consultancy companies.

“The same money was routed as equity investment in ITPCL. Subsequently, ITPCL paid SEPCO III the amount (paid earlier by SEPCO to Vyas) by inflating the value of the contract and payments were also made in the guise of early completion of project,” it claimed.

“Vyas received illegal gratification from Noble Coal in lieu of awarding coal supply contract (to ITPCL) at an inflated rate,” the company alleged.

The company, prior to now, had hooked up movable and immovable properties of IFIN committee administrators price Rs 126 crore and properties of two defaulter loanees of IFIN– SIVA Group and ABG Group–worth Rs 1,400 crore.

It had additionally arrested a former member of IFIN director Arun Kumar Saha and former MD of ITNL Karunakaran Ramchand adopted by a cost sheet filed earlier than a particular PMLA court docket in Mumbai.

It stated within the cost sheet that the senior administration of IL&FS indulged in acts of commissions and omissions resulting in unlawful private good points to them on the expense of the corporate.

The ED had stated that with a view to preserve the credentials of IFIN- in order that they may proceed to obtain excessive remuneration- the administrators allegedly falsified the accounts and indulged in”circuitous transactions” to artificially enhance the steadiness sheet of IL&FS group, whereas really, these unlawful actions had been resulting in additional losses to the group. NES ZMN




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