The Aryavarth Express
Aryavarth (New Delhi): The Directorate of Enforcement (ED), Lucknow Zonal Office, has provisionally attached six movable and immovable properties valued at Rs. 50.37 crore in connection with a money laundering investigation against M/s Samprash Foods Limited, its director Chand Narain Kuchroo, and his associate company M/s Anmol Ratan Construction and Builders Pvt Ltd. The attachment was carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The attached properties, situated in Aligarh (Uttar Pradesh), Gurgaon, and Faridabad (Haryana), include a food processing plant’s machinery, non-agricultural land, office premises, and a residential flat. These assets are registered in the names of Samprash Foods Ltd, its director Chand Narain Kuchroo, and the related entity Anmol Ratan Construction and Builders Pvt Ltd.
The ED initiated its probe based on an FIR registered by the CBI, New Delhi, under various sections of the IPC, 1860. The FIR was filed following a complaint by the Regional Head, Delhi(S), Union Bank of India, alleging that Samprash Foods Limited and others had misappropriated loan funds and defaulted on payments amounting to Rs. 60.88 crore as of March 31, 2017.
Investigations by the ED revealed that C.N. Kuchroo and his associates had registered several dummy entities and opened bank accounts in the names of company employees and some private individuals. The working capital amount was allegedly siphoned off and laundered through these entities under the guise of increased turnover of Samprash Foods Ltd. This was done to get the cash credit (CC) limit increased, and the diverted funds were then used for personal gain and purposes other than those for which the loan was sanctioned.
The investigation into the matter is ongoing, and further developments are expected as the ED continues to probe the case.
The attachment of properties in the Samprash Foods loan fraud case underscores the ED’s commitment to tracking and seizing assets derived from money laundering and fraudulent activities. The provisional attachment marks a significant step in the ongoing investigation, as the agency works to uncover the full extent of the alleged fraud and take appropriate action against those involved.