Digital Desk, New Delhi. The Enforcement Directorate (ED) on Wednesday said it has arrested Anup Nagral, director of a Hong Kong-based company, in a case related to the Prevention of Money Laundering (PMLA). The case pertains to an alleged fraud of USD 249.572 million on banks under the guise of merchant trade.
Initially a case was registered against the accused by Bengaluru Police at High Ground Police Station in 2009. They found that the accused was also involved in money laundering and informed the agencies concerned. An ED official said that they initiated money laundering probe on the basis of an FIR registered by the High Ground Police Station, Bengaluru City.
The probe agency’s investigation revealed that FMPL and FEIPL did not honor tripartite agreements entered into with Spice Trading Corporation Limited (STCL) and foreign buyers and sellers. FMPL and FEIPL had guaranteed payment by foreign buyers. Naveen Sriram, Chairman, FMPL and FEIPL, and Sudhir Sriram, Managing Director, FMPL and FEIPL, agreed to undertake business transactions on the basis of personal and corporate guarantees in favor of STCL and this corporate guarantee could be enforced. STCL sets up irrevocable LCs for a period of 90 days.
However, due to non-payment by overseas buyers, the LC was transferred, which was guaranteed by M/s FMPL and M/s FEIPL, causing a loss of US$ 249.572 million to M/s STCL. Property worth Rs 185.67 crore has already been attached under PMLA. The proceeds of this offense are immovable properties located in Maharashtra, Punjab, New Delhi, Gujarat, Bengaluru and Bellary. In the year 2019, he had filed a chargesheet before a special court under PMLA in Bengaluru.
The ED official said that Anoop Nagral is the director of an institution i.e. M/s. HOWLAI JINSU, HONGKONG, SAR, CHINA LTD in buyer phase of tripartite trading business. He is one of the accused in the prosecution complaint filed by the ED. LR dated 28.07.2021 was issued for service of summons to M/s Director Anoop Nagral. In addition, Anoop Nagaral returned to India and appeared before the CBI. The CBI arrested Anup Nagral in December, 2021 and produced him in the CBI court, where he was granted bail. Since Anup Nagral was not appearing in the PMLA court for the trial, the Special PMLA Court issued a warrant of arrest on December 31.
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