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The enforcement directorate (ED) conducted searches here and in Bangalore on various premises of Aastha Minmet India and Juggernaut Projects under the Prevention of Money Laundering Act, 2002 (PMLA) said sources. Aastha Minmet and Juggernaut are among the major defaulters in the National Spot Exchange Ltd (NSEL) case, owing investors Rs 250 crore.
ED officials said incriminating evidence had been unearthed. Sources, who declined to be identified, alleged the investigations had revealed funds received from NSEL were diverted for investments in real estate, plant capacity expansion, repayment of loans and purchase of high-end vehicles, the officials said. The realty investments are in various parts of the country.
The director of the group has allegedly admitted contracts were launched on the NSEL portal without any physical stock in NSEL warehouses. ED is likely to attach these properties under PMLA.
ED had earlier attached the properties of Mohan India Group, which owes the investors Rs 922 crore. Investigations against other defaulters and brokers are underway.
