According to the Prevention of Money Laundering, 2002 (PMLA) provisions, the Directorate of Enforcement has attached eight immovable properties worth Rs. 6.69 crores that are located in Mumbai, Panvel, Pune, Raigad, and Ratnagiri in Maharashtra and belong to Kunal Gandhi, a partner of M/s Magnum Steels, Mumbai, and his family.
Based on an FIR filed by CBI, SC-II, New Delhi against M/s Magnum Steels and others for cheating Bank of Baroda to the tune of Rs. 95.97 Crore, ED has started investigations under the PMLA.
As a result of the investigation, it was discovered that the partners of M/s. Magnum Steels, Kunal Kishore Gandhi and Kishore Kantilal Gandhi, instead of repaying the outstanding loan, diverted the funds through various accounts of their associates’ entities to purchase by making payments totalling about Rs. 1.45 Crore (approx.) between 2010 and 2015, the borrower acquired three immovable properties: a shop-and-office in Andheri, Bombay, a home in Panvel, and agricultural land in Ratnagiri, Maharashtra.
Moreover, it has been found that Kishore Kantilal Gandhi and his son Kunal Gandhi, are partners in M/s. Magnum Steels had paid a total of Rs. 5.24 crore for 05 immovable properties in Pune (approx.). All 8 of these assets, which were purchased by paying payments totalling Rs. 6.69 Crore, were subject to a Preliminary Attachment Order under the PMLA. More research is now being conducted.
