ED attaches Gurugram businessman’s bank accounts, property in Rs 70 crore fraud case

The Enforcement Directorate (ED) has attached assets of a Gurugram businessman worth Rs 51.86 lakh in connection to a money laundering case.

The case involves Green Valley Plywood Limited. The probe agency said attached assets include commercial property in Gurugram and balances in bank accounts.

The agency had earlier attached Rs 58.19 crore of M/S Green Valley Plywood Limited. The seized properties are now in ED’s possession, according to officials.

The ED had initiated its investigation on the basis of FIR and chargesheet filed by CBI wherein it was revealed that M/s Green Valley Plywood Limited and its promoter, Jagmohan Kejriwal.

He is accused of siphoning off Rs. 70.49 crore of the entire bank loan amount by forging a ‘letter of credit’ and showing fictitious sales and purchases.

“These entities were providing a platform to M/s Green Valley Plywood Limited for money laundering,” said the ED.

During the investigation, it has been revealed that out of the total inflow and outflow of these fictitious sales and purchase transactions, Rs 51.86 lakhs was retained by seven of such entities namely M/s Global Interiors Ltd., M/s Vikas Globalone Ltd., M/s Vikas Polymers (India), M/s Moonlite Technochem Pvt. Ltd., M/s Shubham Chemicals & Solvents Pvt. Ltd., M/s Chemical Connection and M/s Uniply Industries Ltd. as commission for providing such platform for money laundering by layering of proceeds of crime.

Despite the Covid-19 crisis, the probe agency has been fighting against all odds to continue investigating various cases.

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