The ED probe found that while Mohan India group of companies had “received funds in their settlement accounts from NSEL purportedly on account of sale of sugar..., they were eventually transferred to various individuals and entities and payments were made to car dealers, developers, construction firms etc by way of transfers, NEFT/RTGS payments/pay orders.”
The agency, in a voluminous report, has furnished the documentary proof of the movement of all this money sourced from NSEL to the end purchase of real estate or cars by tracking bank transactions spread across various parts of the country.
“Investigations under the PMLA have revealed that the defendants (Mohan India Pvt Ltd and others) were dealing in sale and re-purchase of sugar without having any physical stock of sugar. They had received funds from NSEL on account of sale of sugar which they have not delivered to NSEL at all.
There was no question of NSEL allowing them to invest these funds in real estate,” the probe report said.
The agency has also recorded a number of statements of the officials of the NSEL and Mohan India Pvt. Ltd. under PMLA before preparing and submitting the first investigation report in this case to the court.
The ED said it attached luxury vehicles like a Toyota Fortuner, three Range Rovers, flats in Gomti Enclave in Lucknow, eight plots of land in Karnal in Haryana, a posh flat in Mumbai's Borivali, plots in costly addresses like Mehrauli, Hauz Khas, Jor Bagh and Sainik Farms in Delhi and other such assets as “there was a likelihood of immediate sale or disposal of such high-end vehicles and luxurious properties (by the firm in question) and the non-attachment of the same would have frustrated the proceedings under the Act (PMLA).”
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