The Gurugram unit of the Enforcement Directorate (ED) has attached assets worth Rs 294.19 crore under provisions of Prevention of Money Laundering Act (PMLA), 2002 in Sunstar Overseas Ltd case, the agency said on Wednesday. These properties include land, buildings, flats and fixed deposit receipts (FDRs). The attached properties include 72 acres of land and buildings (including agricultural land) worth Rs 210.6 crore in Sonipat, Amritsar and Gurugram, two residential houses of over 5000 sq mtrs worth Rs 77 crore in Civil Lines, Delhi, four flats worth Rs 1.54 crore in Karnal, bank balance of Rs 1.27 crore and FDRs worth Rs 3.78 crore.
ED seizes assets worth Rs 294.19 crore under provisions of Prevention of Money Laundering Act, 2002 in Sunstar Overseas Ltd case
The Gurugram unit of the Enforcement Directorate (ED) has attached assets worth Rs 294.19 crore under provisions of Prevention of Money Laundering Act (PMLA), 2002 in Sunstar Overseas Ltd case, the agency said on Wednesday. These properties include land, buildings, flats and fixed deposit receipts (FDRs). The attached properties include 72 acres of land and buildings (including agricultural land) worth Rs 210.6 crore in Sonipat, Amritsar and Gurugram, two residential houses of over 5000 sq mtrs worth Rs 77 crore in Civil Lines, Delhi, four flats worth Rs 1.54 crore in Karnal, bank balance of Rs 1.27 crore and FDRs worth Rs 3.78 crore.
Investigation initiated on the basis of FIR of fraud under various sections of 1860.
The ED initiated investigation on the basis of FIR registered by the Chandigarh branch of Central Bureau of Investigation (CBI) against Sunstar Overseas Limited (SOL), its former directors Rohit Agarwal, Manik Agarwal, Sumit Agarwal and others under various sections of the Indian Penal Code (IPC), 1860 for cheating, criminal misappropriation, criminal breach of trust, fraud and causing wrongful loss of more than Rs 950 crore to a consortium of nine lender banks.
The ED investigation revealed that while the total admitted claims against SOL were Rs 1,274.14 crore, the entity was acquired by a resolution applicant Umaija Infracon LLP (through Ajay Yadav) through CIRP proceedings for a mere Rs 196 crore despite having no funds of its own. During the investigation, the ED said, it had already conducted searches under PMLA, 2002 in January 2024 and also arrested three persons namely Rakesh Gulati, Paramjeet and Ajay Yadav in July 2024. They were found involved in the conspiracy and the above diversion of loan amounts to retrieve the actual control and business of an insolvent company from NCLT.
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