In a significant step, the Directorate of Enforcement (ED) Lucknow Zonal office has taken action by provisionally attaching six movable and immovable properties worth Rs. 50.37 crore. These assets belong to M/s Samprash Foods Limited, its director Chand Narain Kuchroo, and his accomplice, M/s Anmol Ratan Construction and Builders Pvt Ltd. This action was carried out under the provisions of the 2002 Prevention of Money Laundering Act (PMLA).
Attached Properties of Samprash Foods and Their Diverse Forms and Locations
The attached properties are ideally positioned in Aligarh, Uttar Pradesh, Gurgaon, and Faridabad, Haryana. They can take many different forms, such as food processing plants, plants and machinery, non-agricultural land, office space, and residential flats. These assets are registered in the names of M/s Samprash Foods Ltd, its director Chand Narain Kuchroo, and the associated firm, M/s Anmol Ratan Construction and Builders Pvt Ltd.
Origin and Complexity of the Investigation: Unraveling Fraudulent Schemes
The Central Bureau of Investigation (CBI), New Delhi, initiated this investigation after filing a First Information Report (FIR) under numerous provisions of the Indian Penal Code, 1860. This FIR was filed in response to a complaint submitted by the Regional Head, Delhi(S), Union Bank of India. The lawsuit alleges that M/s Samprash Foods Limited and others misappropriated loan funds and failed to repay them in the sum of Rs. 60.88 crore as of March 31, 2017.
ED’s investigation uncovered a complex web of fraudulent operations orchestrated by C.N. Kuchroo and his associates. They allegedly created numerous fictitious organizations and opened bank accounts in the names of firm employees and others. Funds intended for working capital were allegedly siphoned or laundered through these organizations. This was allegedly done under the premise of boosting M/s Samprash Foods Ltd’s turnover to acquire an enhanced cash credit. The diverted money was allegedly used for personal benefit and other objectives unrelated to the sanctioned loan.
Conclusion
As of now, the investigation is still ongoing, with the Enforcement Directorate (ED) exhibiting an unwavering commitment to thoroughly investigating the detailed circumstances underlying the alleged financial misconduct. ED’s involvement includes conducting extensive investigations, scrutinizing financial transactions, tracing the flow of funds, and identifying any potential collaborators or businesses involved in the alleged fraudulent activity. The ED attempts to identify the full extent of any wrongdoing and enforce accountability under the law by employing thorough analysis and comprehensive investigation methodologies.
