Bhopal-based developer convicted in money laundering case
Dec 22, 2022
New Delhi [India], December 22 : The Special Court for PMLA, Bhopal has convicted Ramakant Vijayvargiya, managing director of Distinct Infrastructure Ltd (DIL), and sentenced him to undergo rigorous imprisonment for five years along with a fine of Rs 50,000 each.
He was convicted for the offence committed under section 3 of the Prevention of Money Laundering Act (PMLA), 2002. The court also ordered the confiscation of the properties attached by the ED under PMLA, 2002.
An FIR was registered in 2010 under sections 420, 467, and 471 of IPC, 1860 by Bhopal Police.
Subsequently, ECIR No. ECIR/01/AZO/IDR/2012 dated 02.01.2012 was recorded by the Directorate of Enforcement against Distinct Infrastructure Ltd (DIL) and its MD Ramakant Vijayavargiya.
Distinct Infrastructure Ltd (DIL) through its MD Ramakant Vijayavargiya had cheated the people by selling plots in a colony named "Panchavati Enclave" at Bhopal, Madhya Pradesh. Distinct Infrastructure Ltd (DIL) had made agreements with farmers of Bhopal for purchasing their land and developing the same into a residential colony.
Subsequent to the agreement drawn, Ramakant Vijayvargiya forged an outlay of the colony and proposed to be built on the said piece of land, without actually having ownership and possession of the land and without securing government sanctions required for the development of the colony, Further, he sold plots to various persons by falsely claiming that DIL had the approval of Town and Country Planning, Bhopal for the said colony. He thus sold 243 plots of the said colony for a consideration of Rs. 16.60 Crore.
During the course of the investigation, it came to light that part of the Proceeds of Crime (PoC) related to cheating people by falsely selling plots during 2005-2009, was invested in two immovable properties, and purchased in the name of Distinct Infrastructure Ltd. These two properties, totally valued at Rs. 39.89 lakhs, were traced and provisionally attached by ED. Subsequently, a prosecution complaint was filed on 19.03.2015 against Distinct Infrastructure Ltd and Ramakant Vijayvargiya, MD of Distinct Infrastructure Ltd.
Court took cognizance of the prosecution complaint and allotted Spl Case Number 01/2016 and framed charges on 03.06.2022. After hearing the arguments the court pronounced the judgment on Dec 21, 2022.
