ED attaches 5 bank accounts, participates in the PMLA case

The Enforcement Directorate (ED) has provisionally seized five properties, five bank accounts and shares worth Rs 20.77 crore under the provisions of the Prevention of Money Laundering in the Sandesara Group case.

These attached assets belong to ShimnitUtsch India Private Limited and its directors, the ED said in a statement.

The ED investigation revealed that Sandesaras had diverted proceeds of crime of Rs 55.13 crore to the accounts of ShimnitUtsch India Private Limited under the guise of the money from the share claim. Out of the said diversion, an amount of Rs 23.50 crore was still in the hands of Shimnit Group and its promoters/directors. Case. “With this attachment, the total attachment in this case amounts to Rs 14,543 crore on proceeds of crime of over Rs 14,690.95 crore,” he said.

To date, one prosecution complaint (indictment) as well as four additional complaints have been filed in this case and four arrests have been made by the ED. Nitin Sandesara, Chetan Sandesara, Dipti Chetan Sandesara and Hitesh Patel were declared fugitives under the Fugitive Economic Offenders Act by the Special Court.

Shawanda H. Saldana