Bhubaneswar: The Directorate of Enforcement (ED), Bhubaneswar Zonal Office, has provisionally attached immovable property worth Rs 24.60 crore in connection with a money laundering investigation involving Maa Tarini Industries Limited (MTIL) and others.
The attached property comprises the ground floor, first floor, and part of the second floor of Pluto Plaza Mall in Chhend, Rourkela, Odisha. The property is registered in the name of Pluto Plaza Private Limited, a company controlled by Hanuman Khedaria, the ED said in a press release.
According to the ED, the attachment has been made under the Prevention of Money Laundering Act (PMLA), 2002, as an equivalent value of the alleged proceeds of crime identified during the investigation.
The agency initiated its investigation following an FIR registered by the Central Bureau of Investigation’s Anti-Corruption Branch (CBI-ACB), Bhubaneswar, under various provisions of the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988.
The case involves allegations against MTIL, its directors and certain officials of PEC Limited, a government of India enterprise.
The FIR alleged that MTIL, in collusion with certain PEC Limited officials, fraudulently secured financial assistance of Rs 19.40 crore for procuring iron ore by misrepresenting its financial position and concealing existing charges on its assets.
The ED investigation also covered financial assistance of Rs 16 crore obtained by Tathagat Exports Private Limited (TEPL), a related company, from PEC Limited. The combined outstanding liability of MTIL and TEPL to PEC Limited stood at approximately Rs 56.89 crore, including interest, when the loans turned into non-performing assets.
During the investigation, the ED found that funds received from PEC Limited were allegedly diverted through the bank accounts of MTIL and TEPL and used to pay the share purchase consideration to MTIL’s erstwhile shareholders, including Hanuman Khedaria.
Further investigation revealed that Khedaria and entities associated with him received approximately Rs 15.31 crore. Including the proportionate interest component, the amount was assessed at Rs 24.60 crore.
The agency stated that the funds were subsequently transferred through multiple bank accounts and used for various purposes, including cash withdrawals, investments and business expenses.
Based on these findings, the ED provisionally attached the Rourkela property owned by Pluto Plaza Private Limited, treating its value of Rs 24.60 crore as equivalent to the identified proceeds of crime under the PMLA.
The agency said further investigation into the case is underway.
