In its continuing investigations against Directors of IFFCO & Indian Potash Limited (IPL) and others, the Directorate of Enforcement (ED) has temporarily attached proceeds of crime in the form of immovable properties estimated at Rs. 20.96 Crore that belongs to Udai Shanker Awasthi, Managing Director of IFFCO. According to Section 5 of the Prevention of Money-laundering Act, 2002, on June 2, 2012, the connected properties comprise residential homes in New Delhi (including the residential property in Hauz Khas Enclave that he had transferred to himself from IFFCO), Gurugram, and Himachal Pradesh.
Prior to this, the ED had seized movable property (FDRs) in the name of Amarendra Dhari Singh worth Rs. 27.79 crores, USD 4754606 (approximately Rs. 36.55 crores at the current exchange rate) held in the Swiss bank accounts of Atrium Holdings Limited and Artistic Holdings Limited (both beneficially owned by Pankaj Jain), as well as residential and commercial properties in this case worth Rs. 54.11 lakh. As a result, there are presently 86 crore rupees attached in this case.
On the basis of the CBI’s filing of a case (RC221/2021/E/0009 dated May 17, 2021) against a number of suspects, including Udai Shanker Awasthi, MD of IFFCO, and Pankaj Jain, Promoter of M/s. For criminal conspiracy, deceit, and criminal misconduct against Jyoti Trading Corporation, Rare Earth Group, Dubai, Amarendra Dhari Singh, and others.
According to the ED’s investigations, Udai Shanker Awasthi and other IFFCO employees generated proceeds of crime, piled them via many unrelated enterprises, and then transferred some of the PoC to the organisations they controlled.
The Hon’ble Special Court received a Prosecution Complaint from ED on July 30, 2021, against 6 defendants, and the court has officially recognised the crime. The Honorable Court went on to issue summonses to the defendants after further holding that all accused individuals were liable to be called to court for the aforementioned offence since they intentionally helped or were otherwise involved in the acquisition of criminal gains. Further research is now being conducted.
