ED attaches Rs 50.37 cr worth assets of Samprash Foods, its director in money laundering case

New Delhi [India], March 26 : The Directorate of Enforcement (ED) has attached six movable and immovable properties worth Rs 50.37 crore belonging to Samprash Foods Limited, its director Chand Narain Kuchroo, and his associate Anmol Ratan Construction and Builders Pvt Ltd under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The central enforcement agency's zonal office in Uttar Pradesh's Lucknow attached these properties which are situated in Uttar Pradesh's Aligarh; and Haryana's Gurgaon and Faridabad.
These properties are in the form of plant and machinery of Food Processing Plant, non-agricultural land, office premises and residential flat.
These properties are registered in the name of Samprash Foods Ltd, its director Chand Narain Kuchroo and its related entity Anmol Ratan Construction and Builders Pvt Ltd.
The ED initiated investigation on the basis of First Information Report (FIR) registered by the Central Bureau of Investigation (CBI) under various sections of Indian Penal Code (IPC), 1860 on the basis of a complaint filed by the Regional Head, Delhi(S), Union Bank of India against Samprash Foods Limited and others for misappropriation of loan amount and default of payment of Rs 60.88 crore as on March 31, 2017.
"ED investigation revealed that the CN Kuchroo along with his associates had registered various dummy entities and opened bank accounts in the name of employees of the company and some private persons," the agency said in a statement.
"The working capital amount was siphoned off or laundered through these entities in the guise of increased turnover of Samprash Food ltd to get the CC limit increased and then used that transferred amount for personal gain and purposes other than for which loan was sanctioned," added the ED.