The Enforcement Directorate on Monday has provisionally attached 10 immovable properties worth approximately Rs 55.17 crores in a money laundering case involving RA Distributors Private Limited and Others, also known as the Afroz Fatta case.
The amount seized was held by Pankaj Kapur, Vijen Girishchandra Jhaveri and their family members.
The properties got seized under the provisions of the Prevention of Money Laundering Act, 2002. The total attachment in the case stands at Rs 115 crores.
The ED stated in a post on ‘X’ on Monday, “ED has provisionally attached 10 immovable properties worth Rs. 55.17 Crore (approx.) held in the name of Pankaj Kapur, Vijen Girishchandra Jhaveri and their family members in the case of M/s RA Distributors Pvt Ltd and others (Afroz Fatta case) under the provisions of the PMLA, 2002 on 06.10.2023. Total attachment in this case stands at Rs. 115 Crore.”
Previously, the investigation revealed that amounts totalling Rs.5395.75 crores were remitted to companies in UAE and Hong Kong on the basis of forged bills of entry through the accounts of 9 companies in ICICI Bank, Surat.
In this case involving shell companies Afroz Mohammed Hasanfatta, Madanlal Jain, Bilal Haroon Galani and others were involved in sending illegal remittances to UAE & Hong Kong from the accounts of 9 companies in ICICI Bank, Surat on the basis of forged bills of entry.
These 9 companies received funds from the Axis bank accounts of Vandana and Co., M/s. Natural Trading Co., etc as well as from many other entities.
Moreover, the above entities received funds from several other entities including Arjay Gems Pvt Ltd., Center Point Gems Pvt Ltd., Clair Diamond Pvt Ltd., Diablue Export Pvt Ltd. etc.
These were shell companies mainly created, controlled and supervised by Madanlal Jain, using dummy persons as directors or partners. The funds for effecting these remittances in the form of cash was infused into the system mainly through cheque discounting and a web of companies and were then transferred to the ICICI bank accounts.
Madanlal Jain diverted funds to the tune of Rs.5 crores to one of his companies including Orient City Scape Pvt Ltd for further investment in Sarr Realtors and Rigveda Properties pvt. Ltd.
