In accordance with the rules of the Prevention of Money Laundering Act, 2002, the Directorate of Enforcement (ED) detained Maltese citizen Nitin Bhatnagar on August 22, 2023, for his involvement in the money laundering offence in a case involving M/s Moser Baer India Ltd. and others.
On the basis of the FIR dated 17.08.2019 lodged by CBI under different sections of the IPC and the Prevention of Corruption Act, 1988, the ED launched an investigation into M/s Moser Baer India Ltd. and others under the provisions of the PMLA, 2002. The complaint bank flagged the account of M/s Moser Baer India Ltd. as fraudulent on April 20, 2019, and the directors Ratul Puri and his family members stole the loan money.
In April 2011, Nitin Bhatnagar assisted in creating a bank account at the Bank of Singapore in the name of M/s Pristine River Investments Limited. Under Ratul Puri’s leadership, M/s Pristine River Investments Limited operated as an investment holding company in Dubai. The Savannah Trust owned all of M/s Pristine River Investments Limited. The founder of the Savannah Trust was Ratul Puri.
According to an ED investigation, M/s Pristine River Investments Limited got USD 14.18 million in criminal profits from Rajiv Saxena-managed and -controlled companies M/s UHY Saxena, M/s Mercon Commodities, and M/s Midas Metals International. In Dubai, Rajiv Saxena operates a hawala service and manages a lodging entry company where he launders criminal gains for Moser Baer India Limited. Ratul Puri and his family’s criminal gains have been laundered through the structures he has built.
According to the investigation, Nitin Bhatnagar actively participated in piling the profits of crime for the primary accused Ratul Puri on the account of M/s Pristine River Investments Limited.
Ratul Puri, the primary defendant in this case, was previously detained by the ED in 2019. Rajiv Saxena, the hawala operator, and Rajiv Aggarwal, a close friend of Ratul Puri, were both detained during the inquiry and have since been named in allegations filed by the prosecution. In this instance, property worth USD 47.95 million has already been seized.
Nitin Bhatnagar was brought before the Hon’ble Trial Court (PMLA), Rouse Avenue Court, New Delhi, following his detention, and the Hon’ble Court ordered ED custody till August 31, 2023. Additionally, an investigation is being conducted.
