In accordance with the provisions of the Prevention of Money Laundering Act, 2002, the Directorate of Enforcement (ED) has attached one immovable property valued at Rs. 4.50 crore located in New Delhi and belonging to M/s Sharan Svadha LLP in the case of M/s Pilatus Aircraft Ltd., Switzerland, Sanjay Bhandari, and others.
Based on the FIR filed by the Central Bureau of Investigation (CBI) for the commission of an offence punishable under various sections of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988, the Enforcement Directorate (ED) began an investigation under the Prevention of Money Laundering Act, 2002 against M/s Pilatus Aircraft Ltd. Switzerland, Sanjay Bhandari, M/s Offset India Solutions Pvt. Ltd. (OISPL), and others.
The Swiss company M/s Pilatus Aircraft Ltd. engaged in a criminal conspiracy with Sanjay Bhandari, his business partner Bimal Sareen, and others to procure the contract for the supply of 75 basic trainer aircraft to the Indian Air Force, Ministry of Defence, and the Government of India, it was discovered during the course of the investigation conducted by ED. Sanjay Bhandari controlled or beneficially owned the companies in India and the UAE that received commissions or kickbacks (crime proceeds) of Rs. 343 crores from M/s Pilatus Aircraft Ltd., Switzerland in order to influence the contracting process in the company’s favour.
It was discovered during the PMLA inquiry that a portion of these commissions and kickbacks were given to M/s Sharan Svadha LLP, a company that Bimal Sareen and his wife beneficially hold, for the purpose of buying an attached immovable property in New Delhi. Additional investigation is being conducted.
