On 20/04/2023, the Directorate of Enforcement filed a Prosecution Complaint against M/s. Nava Diganta Capital Services Ltd. (M/s. NDCSL), its group companies namely M/s. Nava Diganta Agro Industries Ltd. (M/s. NDAIL), M/s. Nava Diganta Projects Ltd. (M/s. NDPJL), M/s. Nava Diganta Properties Ltd. (M/s. NDPPL), its group companies, and their directors, including Anjan Kumar Baliyarsingh, Pradeep Kumar Pattnaik, Kartikeya Parida, Ramachandra Hansadh, Subarna Naik, and Hitesh Kumar Bagartti, before the Special Court (PMLA) in Bhubaneswar.
The complaint alleges that they committed an offence of money laundering under the Prevention of Money Laundering Act (PMLA), 2002 and seeks the confiscation of properties worth Rs. 2.15 Crore that are believed to be the proceeds of crime. The Hon’ble Court has taken cognizance of the case.
On the basis of the FIR and Charge Sheet filed by the Central Bureau of Investigation (CBI) under the Prize Chits & Money Circulation Schemes (Banning) Act, 1978, against M/s. NDCSL and ten others for the commission of the offence of cheating and fraudulently inducing the delivery of property, promoting and conducting money circulation schemes, and more, ED launched an investigation under the PMLA.
The investigation showed that M/s. NDCSL and M/s. NDAIL were defrauding the public by issuing “Redeemable Preference Shares” and “Non-Convertible Debentures (Income Debentures and Wealth Debentures)” and luring investors with promises of higher interest by issuing money receipts and certificates to this effect without having the necessary authorization. They later misappropriated the invested amount and diverted the funds in the form of other investments.
It was discovered that the homes were registered in the names of M/s. NDPJL and M/s. NDAIL were purchased with money obtained from crime by M/s. NDCSL and M/s. NDAIL. Prior to this, the ED attached assets worth Rs. 2.15 crore, and the Ld. Adjudicating Authority (PMLA) validated this action on January 27, 2023.
