On 06.11.2023, the Directorate of Enforcement (ED) arrested Jaswant Singh Gajjan Majra, former Director of Tara Corporation Limited and Tara Health Food Limited, under the provisions of the Prevention of Money Laundering Act, 2002 in a Rs. 40.92 Crore bank fraud case. The ED launched an inquiry based on an FIR filed by the ACB, CBI, Chandigarh under different provisions of the IPC Act, 1860, and the PC Act, 1988.
An ED investigation indicated that loan funds were transferred from Tara Corporation Limited to numerous fictitious businesses, and then redirected and integrated funds into Tara Health Food Limited (M/s THFL) and another sister organization called M/s Tara Sales Limited. The funds obtained by Tara Health Food Limited were utilized for reasons different from those for which the loan was granted. Amounts totalling Rs. 3.12 crore have been transferred to Jaswant Singh’s personal accounts, in addition to Rs. 33.99 crore to M/s THFL. During the relevant time, Jaswant Singh was the Director of M/s THFL.
Previously, on September 8, 2022, the ED conducted search operations at Jaswant Singh’s business and home locations. Various damning pieces of evidence were uncovered and confiscated during the search. In addition, mobile phones, hard drives, and Indian money totalling Rs. 32 lacs were taken from the search site. More research is being conducted.
