New Delhi [India], September 23 (ANI): The Enforcement Directorate (ED) on Wednesday carried out searches at 16 places allegedly linked to McNally Bharat Engineering Company Limited (MBECL) and persons and entities connected with its acquisition.
ED's Kolkata zonal office is conducting the search operation under the Foreign Exchange Management Act, 1999 (FEMA), covering the premises of those allegedly associated with middleman Sanjay Pasari, operating mainly in the coal and mining sector, his brother Rajiv Pasari, Ravi Todi and Sudhir Satnaliwala, as well as BTL EPC Ltd., Mandaal Vyapaar Pvt Ltd, Trolex (India) Pvt Ltd, CEMFIL Enterprises Ltd and Mahabaleswar Merchants Pvt Ltd.
Officials said the investigation concerns suspected "FEMA contraventions and the source and movement of funds used in acquiring control of MBECL."
The federal agency is also examining whether the insolvency resolution process was used to enable persons potentially ineligible under Section 29A of the Insolvency and Bankruptcy Code, 2016, to regain control of the company indirectly.
The searches and investigation are ongoing since early morning based on certain inputs against the suspects linked to the case.
Earlier on Monday, the ED conducted search and survey operations at 26 premises across Delhi, Chandigarh, Haryana and Punjab in connection with an alleged money laundering case relating to Tirupati Infraprojects Pvt Ltd, officials said.
The search operation is underway under the Prevention of Money Laundering Act, 2002, covering premises of suspects in Delhi; Chandigarh; Haryana's Panchkula; and Punjab's Mohali and Ludhiana in the case.
Officials said the action covers the promoters, directors and associated persons of Tirupati Infraprojects Pvt Ltd, Remigate Buildestates (India) Pvt Ltd, MB Infrabuild Pvt Ltd, Mera Baba Reality Associates Pvt Ltd and Mera Baba Infrastructure Pvt Ltd.
Simultaneously, surveys under Section 16 of the PMLA, 2002 are being conducted at the offices of the Greater Mohali Area Development Authority (GMADA) and of the Department of Housing and Urban Development, Government of Punjab, to gather evidence from the accused entities with GMADA.
Tirupati Infraprojects Pvt Ltd is also an accused in Central Bureau of Investigation (CBI) and the ED cases, which is involved in a bank fraud to the tune of Rs 290 crore concerning a project, Radisson Blu hotel at New Delhi's Paschim Vihar. (ANI)
ED raids 16 places in Kolkata, Delhi, Bengaluru in FEMA case allegedly linked to McNally Bharat Engineering Company Ltd
