ED’s Gurugram unit files case in multi-crore scam
The Directorate of Enforcement (ED), Gurugram, has filed a prosecution complaint before the Special Court (PMLA), Tis Hazari, Delhi, against 25 persons/entities for causing loss of more than Rs 950 crore to the consortium of nine lender banks.
The ED has initiated investigation on the basis of an FIR registered by CBI, ACB, Chandigarh against Sunstar Overseas, its ex-directors Rohit Aggarwal, Manik Aggarwal, Sumit Aggarwal and others under various sections of IPC, 1860 for committing fraud, criminal misappropriation, criminal breach of trust, cheating and causing wrongful loss of more than Rs. 950 Crore to the consortium of 9 lender banks.
During the course of the investigation, ED conducted searches in January 2024 and arrested three persons Rakesh Gulati, Paramjeet and Ajay Yadav in July 2024 who were allegedly found to be involved in the conspiracy and diversion of loan funds to regain the actual control and business of an insolvent company.
In the prosecution complaint, ED has lifted the corporate veil by which the alleged accused persons diverted its own funds to take over itself during National Company Law Tribunal proceedings. The ED has claimed to have proved how funds were siphoned off from the alleged accused company to acquire it through dummy company by projecting it as independent and making it successful resolution applicant in the NCLT proceedings. The alleged accused company diverted the public funds outside India as well as other family businesses.
