In the case of M/s Geodesic Limited (GL) and others, the Directorate of Enforcement (ED) has provisionally attached properties worth Rs. 40.62 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The attached properties consist of 26 residential flats and shops in the names of several organizations and individuals, including M/s Savi Commodity and Capital Services Pvt Ltd, M/s J & J Network Consultancy (P) Limited, Dinesh Jajodia, and others, and are located in Maharashtra and West Bengal.
The ED launched an investigation based on an FIR filed by the MIDC Police Station in Mumbai under various sections of the Indian Penal Code against the directors of M/s Geodesic Ltd., Prashant Mulekar, Kiran Kulkarni, Pankaj Kumar Srivastava, and their Tax Consultant Dinesh Jajodia, for defrauding shareholders and FCCB holders to the tune of USD 125 million.
According to an ED investigation, M/s. Geodesic Limited raised FCCB in the amount of 125 million USD in 2008 for the purpose of overseas purchase and investment in M/s. GL’s Joint Venture/Wholly Owned Subsidiary. However, FCCB money was misused and misapplied for investment/lending activities in other overseas companies, as well as transferred to M/s Geodesic Ltd.’s Indian accounts with the deceptive goal of siphoning off the foreign monies. M/s. Geodesic Limited had stolen money from stockholders by engaging in bogus software sales and purchases from six big shell firms.
It has also been shown that large sums of money were transferred from M/s Geodesic Limited to shell businesses managed and controlled by Dinesh Jajodia and others, and then to individual accounts of the Savi Group of companies, where they were eventually utilized to buy real estate.
Previously, the ED had attached immovable properties worth Rs. 16.52 crore belonging to the company’s directors. In this case, the ED also arrested four people, including M/s GL directors Prashant Mulekar, Pankaj Srivastava, and Kiran Kulkarni, as well as its Tax Consultant Dinesh Jajodia. The total attachment in this case is around Rs.57.14 Crore. More research is being conducted.
