The Enforcement Directorate on Wednesday provisionally attached holding of M/s Divine Infracon Pvt. Ltd. to the extent of Rs. 64.70 Crore in a hotel property located at Plot No. 4, Sector-13, Dwarka, New Delhi, managed by Radisson Blu.
Sant Lal Aggarwal and Satish Kumar Pawa are the key persons and main beneficiaries of money laundering amounting to Rs. 64.70 Crore.
Earlier in the case, a criminal complaint was filed by the Serious Fraud investigating office (SFIO) in the Tis Hazari Courts, Delhi, against Jain Brothers, M/s Jagat Project Pvt. Ltd. and others under section 120 B read with 420, 468 and 477A of IPC and Section 628 read with 211/233 and 240 (3) of Companies Act, 1956 for providing accommodation entries by accepting funds from their beneficiaries through mediators and converting the same into share premium transactions in the beneficiary company.
The matter was taken up by the Enforcement Directorate, vide ECIR no. 01/DLZO-II/2017 dated 11.02.2017 for further investigation under Prevention of Money Laundering Act, 2012.
Investigations conducted so far have revealed that Jain brothers i.e Surendra Kumar Jain and Virendra Kumar Jain besides others laundered unaccounted money of M/s Jagat Projects Pvt. Ltd. amounting Rs. 64.70 Crore.
They with the help of mediators laundered the unaccounted money through the process of placement of funds, layering of transactions and the final integration of laundering money into the banking channel camouflaged as legitimate share premium transactions.
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The mentioned also provided accommodation entries by accepting funds from their beneficiaries through mediators and converting the same into share premium transactions in the beneficiary company.
In this process, Jain Brothers earned commission as a certain percentage of the unaccounted money converted into share premium.
This laundered money was invested in the above hotel, which was constructed by M/s Divine infracon Pvt. Ltd., a sister concern of M/s Jagat Project Ltd.
Further investigation in the matter is in progress.