In a significant development related to a bank fraud case involving Rs. 40.92 Crore, the Directorate of Enforcement (ED) has provisionally attached property valued at Rs. 35.10 Crore in the matter of M/s Tara Corporation Limited and others. The attached immovable property is situated in Malerkotla, Punjab.
The ED initiated an investigation based on a formal complaint (FIR) filed by the ACB, CBI, Chandigarh, under various sections of the PC Act of 1988 and the IPC Act of 1860. According to the ED probe, the loan amount was allegedly transferred to multiple fictitious companies from Tara Corporation Limited. Subsequently, the funds were redirected and merged into Tara Health Food Limited (M/s THFL) and another sister company named M/s Tara Sales Limited.
Notably, the funds received by Tara Health Food Limited were utilized for purposes different from those for which the loan was originally requested. Apart from the Rs. 33.99 Crore owed to M/s THFL, additional amounts totalling Rs. 3.12 Crore were transferred to Jaswant Singh’s personal accounts.
Jaswant Singh Gajjan Majra, the former director of Tara Corporation Limited and Tara Health Food Limited, was apprehended by the ED on November 6, 2023, in accordance with the Prevention of Money Laundering Act, 2002 (PMLA). Ongoing investigations aim to uncover further details in this complex financial fraud case.
