The Enforcement Directorate (ED) has provisionally hooked up immovable properties price ₹814 crore within the case of JVL Agro Industries Restricted and others.
The hooked up properties are within the type of land measuring 521 acres located in Varanasi (Uttar Pradesh), Rohtas (Bihar), Palam (Delhi) and Raigarh (Maharashtra). They’re registered within the title of JVL Infra Heights Restricted, JVL Mega Meals Park Non-public Restricted, JVL Cement Restricted, Premium Strain Vessels Non-public Restricted, and the promoters Satya Narayan Jhunjhunwala and Adarsh Jhunjhunwala, mentioned the company on Wednesday.
The cash laundering probe is predicated on a primary data report registered by the Central Bureau of Investigation towards JVL Agro Industries Restricted and others for offences underneath varied provisions of the erstwhile Indian Penal Code and the Prevention of Corruption Act.
In accordance with the ED, JVL having models in Uttar Pradesh, Rajasthan, Bihar, and West Bengal, was concerned in manufacturing and buying and selling edible oils. The corporate used to import crude oil/uncooked materials from abroad, together with Singapore and Malaysia by way of its overseas subsidiary, JVL Abroad Pte. Ltd., Singapore. JVL Agro Industries Restricted availed itself of credit score amenities from the banks by allegedly submitting manipulated and inflated monetary statements and diverting its funds by way of varied group entities, as alleged.
It alleged that the promoter, Mr. Satya Narayan Jhunjhunwala, acquired and opened varied paper entities as group entities of JVL Agro making puppet administrators who’re day by day wages workers and his workers, to divert funds of JVL Agro Industries Restricted by way of such paper entities.
He additionally registered two Trusts named Mahalaxmi Funding Belief and Ratnapriya Funding Belief and transferred the just about whole shares of paper entities in them. “Such an act of S. N. Jhunjhunwala and associates resulted in losses to the consortium of banks led by Financial institution of Baroda to the tune of about ₹1,992 crore, mentioned the company.
