The AML watchdog ED has filed a complaint against Udai Shanker Awasthi forgettig involved in the criminal conspiracy.
What is Money Laundering?
Money Laundering is regarded as the process of converting the black money to white money. It is received from illicit activities like drug trafficking, corruption, embezzlement. It is regarded as the key operation of crimes that are involved. Money laundering is the important serious financial crime.
The Government shall take effective steps to curb the money laundering activities. The amount of money amounting to is very substantial amount. So to combat money laundering, it shows the reduction in the criminal activities that have taken place.
WHAT IS DIRECTORATE OF ENFORECEMENT?
The Directorate of Enforcement is a regarded as an multi-disciplinary organization that is involved in the investigation of offence of money laundering. It also violated the foreign exchange laws. The statutory functions of the Directorate include enforcement of the following: Prevention of Money Laundering Act,2002, Foreign Exchange Management Act,1999, Fugitive Economic Offenders Act,2018, Foreign Exchange Regulation Act,1973 and Sponsoring agency under COFEPOSA.
ABOUT Udai Shanker Awasthi CASE
Investigation was initiated under Prevention of Money Laundering Act,2002 against various suspects including Udai Shanker Awasthu, MD IFFCO, Pankaj Jain, Promoter of M/s Jyoti Trading Corporation and Rare Earth Group, Dubai, his brother Sanjay Jain, Amarendra Dhari Singh and others for criminal conspiracy, cheating and criminal misconduct on the basis of registration of case by CBI on 17/05/2021.
ED provisionally attached proceeds of crime in form of movable assets valued at Rs. 54.24 crore belonging to Udai Shanker Awasthi under PMLA on 22/09/2022. Earlier ED had attached assets valued T approx. Rs.100 crore in this case. So, the total attachment in this case is Rs.154.24 crore so far.
Investigation further revealed the Udai Shanker Awasthi case that generation of proceeds of crime travelled from various entities having business interests with IFFCO & IPL, to the entities controlled by Rajiv Saxena of Rare Earth Group and same were further layered and parked in various entities under the control of various persons including Amol Awasthi (son of Udai Awasthi).
CONCLUSION of Udai Shanker Awasthi
ED filed a Prosecution Complaint before Hon’ble Special court on 30/07/2021 against 6 accused and taken cognizance of the offence. Court further held that all accused were knowingly involved in acquisition of proceeds of crime and hence liable to be summoned for the said offence and proceeded to issue summons to the accused persons.
