Bhopal (Madhya Pradesh): The Directorate of Enforcement (ED), Bhopal Zonal Office, has provisionally attached three immovable properties worth Rs 1.14 crore belonging to Ambika Solvex Limited and Vardhman Solvent Extraction Industries Ltd., Indore, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, in the case of Narayan Niryat India Pvt Ltd, said officials.
The agency has earlier attached immovable properties worth Rs 26.53 crore belonging to several persons and entities of the group. It initiated an investigation into this matter based on an FIR registered by the CBIunder various sections.
Subsequently, the CBI filed a chargesheet against Narayan Niryat and several other related entities and individuals.
The ED investigation revealed that the company controlled by Ambika Solvex fraudulently obtained loans amounting to about Rs 110.50 crore through Letters of Credit (LCs) and Export Packing Credit (EPC) from a consortium of banks led by UCO Bank.
Although these funds were projected as being used for legitimate business purposes, the investigation established that no actual purchases or exports were carried out.
Instead, the funds were routed through various group entities of Ambika Solvex in circular transactions to create a false appearance of business activities.
The loan proceeds were subsequently diverted for personal and corporate gains, including investment in immovable properties and cash withdrawals through a complex network of related companies, firms, and benami entities controlled by the group, thereby concealing and laundering them.
