The Enforcement Directorate (ED) has connected belongings value ₹27.86 crore linked to former IAS officer Babulal Agrawal in reference to a case of legal misconduct and dishonest.
The company had earlier connected properties valued at ₹35.49 crore in the identical case. Mr. Agrawal was arrested by the ED on November 9 and is at the moment in judicial custody.
The ED’s cash laundering probe had began on the premise of an FIR registered by the Anti-Corruption Bureau of Chhattisgarh. It was alleged that Mr. Agrawal and his relations acquired belongings disproportionate to earnings from recognized sources.
The police motion adopted searches by the Earnings Tax Division in February 2010, on the premises of Mr. Agrawal, his chartered accountant Sunil Agrawal and relations.
Three extra FIRs had been registered and cost sheets filed, by the Central Bureau of Investigation in opposition to Mr. Agrawal and others for his alleged involvement in corruption.
In response to the ED, the accused conspired together with his chartered accountant and his brothers, Ashok and Pawan Agrawal, to open over 400 financial institution accounts within the identify of villagers in Kharora and close by locations. These accounts had been used to deposit giant sums of money.
As alleged, 13 shell firms owned and operated by the chartered accountant, apart from 26 Delhi- and Kolkata-based shell entities and sister issues of Prime Ispat Restricted (PIL), owned and managed by Mr. Agrawal’s relations, had been used for cash laundering. The funds had been introduced again as share capital, together with share premium, in PIL.
In 2017, the company had connected belongings value ₹35.49 crore of the corporate.
“Now, the remaining plant and equipment value ₹26.16 crore, has been connected together with ₹20.43 lakh stored in 291 financial institution accounts and a residential plot value ₹39.52 lakh within the identify of Xpress Mining, one other entity owned by Mr. Agrawal’s household.
The ED has additionally connected ₹15 lakh in money seized throughout the Earnings-Tax search, ₹4.75 lakh within the checking account of Capstone, one other plot value ₹10.25 lakh within the identify of Shri Ram Vihar, ₹39.81 lakh in money and two kg of gold.
Capstone and Shri Ram Vihar are partnership corporations owned and operated by the relations of the accused, mentioned the company.