The Directorate of Enforcement (ED) has provisionally attached ten immovable properties worth Rs. 55.17 Crore (approx.) held in the names of Pankaj Kapur, Vijen Girishchandra Jhaveri, and their family members in the case of M/s R A Distributors Pvt Ltd and Others (Afroz Fatta case) on 06.10.2023.
The ED launched an investigation after receiving a complaint from ICICI Bank, Surat, and a FIR from Surat Police, alleging that M/s. R A Distributors Pvt. Ltd. and eight other companies submitted forged Bills of Entry and remitted funds to three UAE and fifteen Hong Kong-based entities.
An ED investigation revealed that Pankaj Kapur and Vijen Girishchandra Jhaveri received a total of Rs. 58.14 crores and Rs. 2.81 crores in proceeds of crime remitted abroad from entities controlled and managed by Madan lal Jain and Afroz Mohammed Hasan fatta on the basis of forged Bills of Entry and documents. Ten immovable assets belonging to Pankaj Kapur, Vijen Girishchandra Jhaveri, and their family members have been provisionally attached under Section 5 of the PMLA, 2002 because they are derived from criminal acts related to a listed offence.
In this case, the ED has already issued nine Provisional Attachment Orders, totalling Rs. 60 crore, attaching the properties. The total value of the movable/immovable properties attached in this case is Rs. 115 Crore as of today. More research is being conducted.
