ED Srinagar Seizes Delhi Asset Valued at Rs 2.25 Crore in Money Laundering Investigation

Synopsis

The Enforcement Directorate's Srinagar office has provisionally seized a property in Delhi valued at Rs 2.25 crore linked to fraudulent activities under the PMLA. Investigations reveal the company, M/s Manoj Ji & Co. Pvt. Ltd., claimed freight for undelivered goods, leading to significant financial losses.

Key Takeaways

ED provisionally attached Delhi property worth Rs 2.25 crore.
Property linked to M/s Manoj Ji & Co. Pvt. Ltd. accused of fraud.
Investigation based on CBI charge sheet.
Company claimed freight for undelivered DAP fertilizer.
Ongoing investigation into financial misappropriation.

Srinagar, Jan 15 (NationPress) The Enforcement Directorate's Srinagar zonal office revealed on Wednesday that it has provisionally attached an asset in Delhi worth Rs 2.25 crore belonging to a company implicated in fraudulent activities, under the Prevention of Money Laundering Act (PMLA), 2002.

The agency stated, "The Directorate of Enforcement (ED), Srinagar Zonal Office, has provisionally attached immovable properties valued at Rs. 2.25 crore linked to the shareholders/owners of M/s Manoj Ji & Co. Pvt. Ltd. under the provisions of the Prevention of Money Laundering Act (PMLA), 2002."

The ED initiated this inquiry based on a charge sheet submitted by the CBI-ACB, Srinagar, regarding alleged violations under sections 420 r/w 120-B of the Ranbir Penal Code (RPC) against M/s Manoj Ji & Co Pvt Ltd and others. The allegations suggest that the firm, a Railway Out Agency (ROA) for Northern Railway, Udhampur, which was overseen by the late Rajesh Oberoi, was responsible for transporting 3,938.2 MTs of DAP fertilizer from Rail Head Point, Udhampur to the IFFCO buffer stock located at Nowgam, Srinagar.

However, it was reported that 1,024 MTs of DAP fertilizer was never delivered at the specified location, and the company fraudulently claimed freight charges for this undelivered quantity.

The ED stated, "Consequently, M/s Manoj Ji & Co Pvt Ltd incurred a deliberate loss of approximately Rs 2.25 crore, which includes the cost of undelivered fertilizer valued at approximately Rs 2.07 crore and freight charges fraudulently claimed amounting to Rs 18.53 lakh from IFFCO/Northern Railway." The agency's investigation uncovered that the freight payments received in the bank account of M/s Manoj Ji & Co Pvt Ltd from railway authorities for transporting the DAP fertilizer, including the undelivered quantity of 1,024 MTs, were intricately rotated among various bank accounts by the company’s promoter, late Rajesh Oberoi, to obscure the original source of the funds and subsequently redirect them into business ventures and personal expenses of the Oberoi family.

"As a result, the asset, an Industrial Plot in Wazirabad, Delhi, registered under the names of Rajesh Oberoi and his spouse, Rama Oberoi, has been identified as Proceeds of Crime under the PMLA, with an approximate value of Rs 2.25 crore and has been provisionally attached. Further investigations are ongoing," the ED noted.