New Delhi: The Directorate of Enforcement (ED) has attached immovable properties worth Rs. 7 crores of Anantha Padmanaban, a Chennai based Bullion Trader and Jewellery merchant under the provisions of Prevention of Money Laundering Act, 2002 (PMLA), in a bogus import case involving Afroz Fatta and M/s. R.A. Distributors Pvt. Ltd.
The attached assets consists of 9,600 square feet of Land along with commercial building including Basement, Stilt, Ground and 4 floors totaling to 20,292 Square feet situated at Thyagarayanagar, Chennai which is held in the name of M/s NAC Jewellers (P) Ltd of Anantha Padmanaban.
Investigation under the PMLA was initiated on the basis of a complaint received by the Crime Branch, Surat from ICICI bank against M/s. R.A. Distributors Pvt. Ltd and others alleging that the companies had prepared fake bills of entry and presented the same before ICICI Bank for illegal outward remittance in the guise of import.
Investigation conducted by ED revealed that 9 companies having accounts in ICICI Bank, Surat remitted huge amount of money on the basis of forged bills of entry to 3 companies in UAE and 15 companies in Hong Kong.The main sources of credits in these accounts were from 8 entities viz. M/s. Vandana& Co., M/s. Natural Trading Co., M/s. MarutiTading, etc. having accounts in Axis bank along with 469 other entities. These 8 entities having accounts in Axis Bank had received funds through variouscheque discounters and a web of around 2700 companies. It was further revealed that Afroz Mohamed Hasanfatta, Madanlal Jain, Bilal HaroonGilani, Jayesh Desai, Rakesh Kothari were involved in this racket. These accused created shell companies using dummy persons as directors/partners.
Investigation further revealed Madanlal Jain, the main conspirator had earned commission for his role in the illegal transactions of foreign remittances made on the strength of fake bills of entry. Part of the said commission so earned was routed to the bank account of M/s NAC Jewellers (P) Ltd, company controlled by AnanthaPadmanaban to the tune of Rs.7 Crores. It was also established that this transaction has been carried out by N. Anantha Padmanaban with full knowledge that the money so received was tainted and further said money was utilized in business furtherance of M/s NAC Jewellers (P) Ltd by him.
In order to cover up these transactions Madanlal Jain prepared bogus invoices of sale/purchase of diamonds between M/s NAC Jewellers and M/s Natural Trading Co. to show as if diamonds were purchased from M/s NAC Jewellers by M/s Natural Trading Co, company controlled by Madanlal Jain.
Earlier ED had arrested Afroz Mohamed Hasanfatta, MadanlalJain,Manish Shah, Rakesh Kothari and Jayesh Desai and attached their properties worth Rs 34.29 Crores and filed five prosecution complaints before designated Special court. Now ED has attached properties of AnanthaPadmanaban comprising of immovable property measuring 20,292 sq. ft. worth Rs. 7 Crores located at North Usman Road, Thyagarayanagar, Chennai held in the name and possession of the his company M/s NAC Jewellers (P) Ltd.
