The Enforcement Directorate (ED) conducted multiple searches here as part of its money laundering probe in the Rs 390-crore NAFED defraud case, an official said on Thursday.
The central agency carried out the searches at the residential premises of O.P. Agarwal, Manish Kant Agarwal and their Delhi-based companies Earthtech Enterprises Ltd and M.K. International Ltd.
The ED officials seized some hard disks, laptops, I-pads, chequebooks and over 40 rubber stamps of various companies and property-related documents during the searches.
Based on a Central Bureau of Investigation FIR, the ED registered a criminal case under the Prevention of Money Laundering Act in the case.
The ED probe so far has revealed that O.P. Agarwal and Manish Kant Agarwal, through their companies, had inked an agreement with the National Agricultural Cooperative Marketing Federation of India (NAFED) for import and export of agricultural and non-agricultural products.
“O.P. Agarwal and his accomplices diverted funds, due to NAFED (against the line of credit issued by the Union Bank of India and export proceeds) to the tune of Rs 390 crore through their companies — Ms. Roseberry Global FZE, Trance Asia, Money Time Investment among others of Dubai and thus made wrongful loss to NAFED and wrongful gain to themselves,” an ED statement said.
In its probe, the ED found that both Agarwals parked these funds in the accounts of their shell companies, accounts of their employees, immovable properties, and in the capital market.
The ED has attached assets worth Rs 16 crore in this case.
