New Delhi, March 22 (SocialNews.XYZ) The Enforcement Directorate (ED) has provisionally attached immovable properties worth Rs 6.45 crore in connection with a money laundering case pertaining to Pushpak Bullion, one of the companies of Pushpak Group.
The ED has attached 11 residential flats in Neelambari project, Thane belonging to Shree Saibaba Grihanirmiti Pvt. Ltd. (owned and controlled by Shridhar Madhav Patankar).
The ED had lodged money laundering case against Pushpak Bullion and group companies in 2017, and had already provisionally attached immovable and movable properties worth Rs 21.46 crore belonging to Mahesh Patel, Chandrakant Patel, their family members and companies controlled by them, an official said on Tuesday.
Subsequent investigation revealed that Patel had siphoned off and layered funds of Pushpak group concern Pushpak Realty in connivance with Nandkishore Chaturvedi (Accommodation Entry provider).
"Pushpak Realty Developer in the garb of sale, transferred funds to the tune of Rs 20.02 crore to the entities controlled by Nandkishore Chaturvedi after layering it through various connected, unconnected entities," said the ED official.
Chaturvedi who allegedly operates a number of shell companies further transferred the money through his shell company Humsafar Dealer Private Limited in the garb of extending unsecured loans in excess of Rs 30 crore to Shree Saibaba Grihanirmiri Pvt. Ltd. Thus, the money siphoned off by Patel in connivance with Chaturvedi was parked in the real estate projects by Shree Saibaba Grihanirmiti Pvt. Ltd.
Further investigation into the matter is underway.
Source: IANS
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