The Enforcement Directorate (ED), on Wednesday, attached assets valued at INR 5,41,21,750 crore belonging to the Director of Priyanka Overseas Ltd (POL), R. K. Jain, one of the prime accused in cheating the government-owned State Trade Corporation (STC) of India.
Following an FIR filed by the Central Bureau of Investigation (CBI) against Jain and a few officers of the STC (New Delhi and Ahmedabad Branch), a case under Prevention of Money Laundering Act, 2002 (PMLA) was registered by the ED and searches were conducted.
The STC is a Public Sector undertaking involved in import/export of different commodities such as rice, wheat, sugar etc. POL was one of such associates of STC for facilitating the export of wheat and rice.
According to ED, Jain conspired with the officers of STC with the object of financing POL for export of wheat and rice in violation of the guidelines of the STC and thereby causing wrongful loss to STC amounting to INR 51 crores, for which Jain was directly responsible.
During the investigation, it was revealed that the ultimate beneficiary of POL was Jain, who was also involved in criminal activities relating to schedule offences.
With there being no movable & immovable assets registered with the company, a house belonging to Jain located in Dwarka, New Delhi, valued at INR 5.41 crores, has been provisionally attached under Section 5(1) of Prevention of Money Laundering Act, 2002.
Further investigation is in progress.
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