ED Seizes ₹24.60 Crore in Odisha Money Laundering Case
The Enforcement Directorate has temporarily seized assets worth ₹24.60 crore linked to a money laundering case in Bhubaneswar, Odisha.
Bhubaneswar, November 3 (Daily Kiran) : The Enforcement Directorate (ED) has taken significant action in a money laundering investigation by seizing assets worth ₹24.60 crore linked to Maa Tarini Industries Limited (MTIL) and other entities. This operation, executed by the Bhubaneswar regional office, was carried out on November 3 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The seized assets include portions of the ground, first, and second floors of the Pluto Plaza Mall, located in the Chhend area of Rourkela. This property is registered under Pluto Plaza Private Limited, a company controlled by Hanuman Khedaria.
The ED’s investigation was initiated based on various FIRs filed under the Indian Penal Code, 1860, and the Prevention of Corruption Act, 1988. These FIRs were lodged against MTIL, its directors, and officials of PEC Limited, a government enterprise under the Ministry of Commerce and Industry.
According to the ED, MTIL allegedly colluded with certain PEC Limited officials to misrepresent its financial status and conceal existing charges on its assets, fraudulently obtaining ₹19.40 crore in financial assistance for iron ore purchases. A related company, Tathagat Exports Private Limited (TEPL), also received ₹16 crore from PEC Limited.
The agency further revealed that when the loans became non-performing assets (NPAs), PEC Limited owed approximately ₹56.89 crore, including interest. Investigators discovered that the funds received from PEC Limited were transferred through MTIL and TEPL’s bank accounts and were used for various purposes, including payments to former shareholders, including Hanuman Khedaria.
The ED’s findings indicated that Khedaria and his associates received around ₹15.31 crore, bringing the total to ₹24.60 crore when including proportional interest. These funds were subsequently transferred through various bank accounts for cash withdrawals, investments, and business expenses.
As a result, the ED has temporarily seized ₹24.60 crore worth of real estate associated with Pluto Plaza Private Limited, equivalent to the proceeds of crime under the PMLA, 2002.
