Bhopal (Madhya Pradesh): The Directorate of Enforcement (ED), Bhopal, has provisionally attached movable properties worth approximately Rs 3.01 crore belonging to Anil Kumar Jain, former AGM of a nationalised bank in Bhopal, under the provisions of PMLA.
ED initiated the investigation on the basis of an FIR registered by the Central Bureau of Investigation (CBI), ACB, Bhopal, under sections of Prevention of Corruption Act against Anil Kumar for possession of assets disproportionate to his known sources of income.
ED investigation revealed that during the check period from April 2017 to December 31, 2018, Anil Kumar amassed assets of Rs 3.01 crore (about 481% in excess of his known lawful income), which were grossly disproportionate to his known sources of income.
During the investigation, it was found that Anil Kumar had made huge cash deposits worth Rs 2.35 crore in his and his family members' bank accounts on the pretext of sale of immovable properties, for which no evidence was produced by him.
Investigation revealed that the said cash deposits were converted into fixed deposits to generate further proceeds of crime. Anil Kumar failed to furnish any credible explanation, justified source or supporting documentary evidence regarding the cash deposits.
Apart from the above cash deposits, FDRs to the tune of Rs 0.66 crore were also amassed by the accused in the form of disproportionate assets. Investigation further revealed that, in connivance with hawala operators, including a chartered accountant, he attempted to channel his illegal income in order to showcase it as a legitimate one.
This was done on the pretext of sale of immovable properties to one M/s Excellent Infrabuild Pvt Ltd, a shell entity with no genuine business activity. Anil Kumar claimed that the consideration for such purported transactions was received in cash from the directors of the said entity, including Akhilesh Choudhary, who acted as a dummy director.
Accordingly, ED has provisionally attached fixed deposits worth approximately Rs 3.01 crore, being direct proceeds of crime, to prevent their concealment, transfer or disposal and to secure the proceeds of crime for confiscation proceedings.
