New Delhi: The Enforcement Directorate (ED), acting in a money laundering case, has attached alleged proceeds of crime in the form of mutual funds, equity shares, bonds and bank balances valued at Rs 59.24 crore belonging to the Managing Director of Indian Farmers Fertiliser Cooperative Ltd (IFFCO) Udai Shanker Awasthi.
The ED earlier had made attachments of properties of Awasthi and other ac-cused worth Rs 100 crore. With the latest attachment, the total seized assets are to the tune of Rs 154 crore. “Investigations by ED revealed generation of proceeds of crime which had travelled from various entities, having business interests with IFFCO and Indian Potash Limited (IPL), to the entities controlled by Rajiv Saxena of Rare Earth Group, which were projected as income through commission,” the agency disclosed on Wednes-day.
The proceeds of crime, it has been revealed by ED were layered through many entities, controlled by few accused, including Amol Awasthi, son of Udai Shanker Awasthi.
The seized properties were acquired by the accused through shell companies allegedly projecting proceeds of crime as genuine income/expenses.
On July 30 2021, the ED had filed a chargesheet before Special PMLA court against six accused. The court has taken cognisance of the offence observing that “all accused persons knowingly assisted/were knowingly involved in acquisition of proceeds of crime and hence were liable to be summoned for the said offence and proceeded to issue summons to the accused persons”.
Further investigation in this matter is on.