New Delhi, June 25 (SocialNews.XYZ) The ED attached apartments in Ludhiana, Gurugram and Chandigarh, along with fixed deposits and other assets, totalling Rs 55.57 crore, in connection with a case of bogus export of mobile phones, an official said on Thursday.
The Directorate of Enforcement (ED), Headquarters Investigation Unit, provisionally attached movable and immovable properties under the Prevention of Money-Laundering Act (PMLA), 2002, in the matter about Hampton Sky Realty Limited (HSRL), earlier known as Ritesh Properties and Industries Ltd., and its associated entities and persons, said a statement.
The attached assets comprise bank accounts, fixed deposits, land, commercial premises, and residential apartments situated in Ludhiana, Gurugram, and Chandigarh, held in the names of Hampton Sky Realty Limited, Sanjeev Arora, the family members of Sanjeev Arora, and associated entities, it said.
The ED initiated an investigation based on an FIR registered by Police Station Udyog Vihar, Gurugram, Haryana, for offences under the Bharatiya Nyaya Sanhita, 2023, corresponding to Sections 420, 467, 471 and 120-B of the IPC, 1860, which are scheduled offences under the PMLA, 2002.
The ED investigation revealed that HSRL, primarily a real estate company, reported the sale of mobile phones of approximately Rs 157 crore during FY 2023-24, including purported exports of about Rs 102.50 crore to two UAE-based entities, Fortbel Telecom FZCO and Dragon Global FZCO.
The mobile phones were shown to have been procured locally from a network of supplier firms, which were found to be largely shell/non-existent concerns, interlinked through a common mobile number and common e-mail IDs, and used merely to raise bogus invoices and provide accommodation entries without any actual movement of goods, the ED said.
The purported exports, not being backed by any genuine movement of goods, were shown to have been exported to entities which were beneficially controlled by the same group of persons, it said.
The total Proceeds of Crime quantified in the case amount to Rs 102.99 crore, with local sales still pending investigation, it said.
Search proceedings under Section 17 of the PMLA, 2002, were conducted on May 9, during which Sanjeev Arora, the erstwhile Chairman and Managing Director of HSRL and the main accused, was arrested. He is presently in judicial custody, the ED said.
Source: IANS
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