Nav Nirman Builders is involved in the case of investigation of illegal money laundering activities that was taking place. The AML Watchdog ED investigated the case in detail.
WHAT IS FORGING OF DOCUMENT?
The making of a false document in the name of a fictitious person, intending it to be believed that the document was made by a real person, or in the name of a deceased person, intending it to be believed that the document was made by the person in his lifetime, may amount to forgery.
WHAT IS DIRECTORATE OF ENFORECEMENT?
The Directorate of Enforcement is a multi-disciplinary organization mandated with investigation of offence of money laundering and violations of foreign exchange laws. The statutory functions of the Directorate include enforcement of the following: Prevention of Money Laundering Act,2002, Foreign Exchange Management Act,1999, Fugitive Economic Offenders Act,2018, Foreign Exchange Regulation Act,1973 and Sponsoring agency under COFEPOSA.
WHAT IS PREVENTION OF MONEY LAUNDERING ACT?
An Act to prevent money-laundering and to provide for confiscation of property derived from, or involved in, money-laundering and for matters connected therewith or incidental thereto. Whosoever directly or indirectly attempts to indulge or knowingly assist or knowingly is a part or is actually involved in any process or activity connected with the proceeds of crime and projecting it as untainted property shall be guilty of offence of money-laundering.
How does Money Laundering Work?
Money laundering plays a major role for the criminal organization to curb the illegal activities that are taking place. To deal with the huge amount of cash is regarded as dangerous. The criminals are searching different ways to deposit there money in the legitimate financial institutions.
There are number of ways to launder money from a very simple to complex thing. Smurfing is regarded as one of the common form of money laundering. In smurfing the criminals distributes the large number of cash. The Money Laundering can be fulfilled by using the different type of currency exchanges.
Money laundering investigation was initiated by ED against M/s Nav Nirman Builders and Developers on the basis of an FIR registered by CBI, Ranchi. The Hon’ble Special Court, Ranchi has ordered confiscation of immovable properties worth Rs. 80 Lakh of M/s Nav Nurman Builders and Developers Pvt Ltd. under Prevention of Money Laundering Act. The properties were acquired through one of the sister concerns, a contracting firm found to be involved in forging of documents to show procurement of bitumen for execution of contractual works in Jharkhand.
The tainted properties identified during the investigation was provisionally attached which was duly confirmed by Ld. Adjudicating Authority. The Prosecution Complaint was filed before Hon’ble Court, Ranchi and the Court took cognizance of the matter and charges were framed against the accused persons.
The accused Dharamveer Bhadoria, the Director of M/s Nav Nirman Builders and Developers Pvt Ltd. passed away during the course of trial. An application was filed before the Hon’ble Court on 28/03/2022 to drop the proceedings against the accused. Further an application u/s 8(7) of the PMLA, 2002 was also submitted on 31/03/2022 for confiscation of the said properties generated through the proceeds of the crime in the name of M/s Nav Nirman Builders and Developers Pvt Ltd. Therefore, this is how the Nav Nirman Builders investigated the case in detail.
