New Delhi [India], May 4 : Directorate of Enforcement (ED) carried out search operations at 21 Locations in Delhi and Gurugram in connection with Amira Pure Foods Private Limited, Karan A Chanana and others under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA), said an official statement from ED on Thursday.
During the searches conducted on May 2, cash amounting to Rs 1.01 Crore and various incriminating pieces of evidence were seized which shows the modus operandi of the accused entity for diverting the loan funds through shell compes, accommodation entries, fudging and mpulation of stocks, mentions the official statement.
According to the ED, the action against the accused entities came on the basis of an FIR registered by CBI against Karan A Chanana, his relatives, Amira Pure Foods Pvt. Ltd. and others under various sections of IPC, 1860 for committing fraud, criminal misappropriation, criminal breach of trust, cheating, etc. causing wrongful loss to the tune of approxRs. 1201.85 Crore to the consortium of banks led by Canara Bank.
Investigations conducted by ED revealed that the accused entities in connivance with each other and other related and unrelated entities have illegally diverted loan funds sanctioned by the consortium of Banks by way of transferring loan funds into the accounts of various shell entities under the guise of genuine business transactions.
It was also known that Karan A Chanana had donated 250,000 GBP to a political party in the United Kingdom since 2019 through one of the subsidiary compes of the accused entity, Amira Pure Foods Pvt. Ltd., while the accused entity had itself defaulted on repayment of loans and was declared as NPA in the year 2016 - 17 by consortium member Banks, says the ED's statement. Further investigations are in progress.
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