ED Seizes ₹24.60 Crore in Odishas Pluto Plaza Mall Linked to Money Laundering Case
The Enforcement Directorate has seized ₹24.60 crore in assets linked to a money laundering case involving Maa Tarini Industries in Bhubaneswar.
Bhubaneswar, November 3 (Daily Kiran) : The Enforcement Directorate (ED) has made significant strides in a money laundering investigation in Bhubaneswar. On November 3, the agency seized assets worth ₹24.60 crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The case revolves around Maa Tarini Industries Limited (MTIL) and other entities. The seized assets include the ground, first, and second floors of the Pluto Plaza Mall, located in Chhend, Rourkela, which is registered under Pluto Plaza Private Limited and managed by Shri Hanuman Khedaria.
This investigation was initiated based on an FIR filed against MTIL, its directors, and officials from PEC Limited, under various provisions of the Indian Penal Code and the Prevention of Corruption Act. Allegations suggest that MTIL 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.
Additionally, a related company, Tathagat Exports Private Limited (TEPL), also secured ₹16 crore in financial aid from PEC Limited. When the loan turned into a non-performing asset (NPA), PEC Limited’s total outstanding liability, including interest, reached approximately ₹56.89 crore.
The ED’s investigation has revealed that funds obtained from PEC Limited were diverted through the bank accounts of MTIL and TEPL. These funds were used to pay for share purchases by former shareholders of MTIL, including Shri Hanuman Khedaria.
Further inquiry disclosed that Khedaria and his affiliated entities received around ₹15.31 crore in proceeds from crime, which, along with interest, totaled ₹24.60 crore. These funds were subsequently routed through various bank accounts and used for cash withdrawals, investments, and business expenses.
As a result, the assets of Pluto Plaza Private Limited, valued at ₹24.60 crore, have been temporarily seized under the PMLA, 2002, as they are equivalent to the value of the proceeds of crime. The ED continues to pursue further investigations and actions related to this case.
