In accordance with the terms of the Prevention of Money Laundering Act (PMLA), 2002, the Directorate of Enforcement (ED) conducted search operations at 21 locations in Delhi, Haryana, Punjab, and Gujarat on January 16 and 17, 2024, in relation to a bank fraud committed by M/s Sunstar Overseas Limited (SOL) and others. Digital gadgets, gold, cash totalling Rs. 1.16 crore, and other assorted damning evidence have been found and confiscated during the search operations.
Based on a formal complaint filed by the CBI, ACB, Chandigarh against M/s Sunstar Overseas Limited (SOL) and its former directors, namely Rakesh Aggarwal, Rohit Aggarwal, Manik Aggarwal, Sumit Aggarwal, and others under various sections of the Indian Penal Code, 1860, the ED began an investigation. These charges included fraud, criminal misappropriation, criminal breach of trust, cheating, and wrongful loss of over Rs. 900 Crore to a group of nine banks.
According to the results of the ED investigation, the accused entities illegally diverted loan funds sanctioned by the consortium of banks by transferring the stock-in-trade of M/s Sunstar Overseas Limited (SOL) into the accounts of various related and unrelated entities. This was done in collusion with each other and other related and unrelated entities.
A dummy business indirectly acquired M/s Sunstar Overseas Limited (SOL), and after that, it signed a facility agreement and gave M/s Shivakriti Agro Private Limited control over M/s SOL’s activities. Through former workers, the Aggarwal family controlled and oversaw M/s Shivakriti Agro Private Limited. Additional research is currently being conducted.
