New Delhi, March 16 (UNI) The Enforcement Directorate (ED), Bhopal Zonal Office, on Monday said that it has arrested Kishan Modi in connection with a money laundering investigation related to Jayshri Gayatri Food Products Pvt. Ltd. (JGFPPL) and others.
The ED said that the accused was produced before a Special PMLA Court in Bhopal, which sent him to ED custody until March 18.
The ED case is based on two FIRs registered at Police Station Habibganj, Bhopal, and another FIR by the Economic Offences Wing (EOW), Bhopal, under various sections of the IPC, 1860, against the directors and officials of Jayshri Gayatri Food Products Pvt. Ltd.
“Investigation under PMLA revealed that M/s Jayshri Gayatri Food Products Pvt. Ltd., which supplied dairy products under the brand name ‘Milk Magic’, was involved in the manufacturing of adulterated dairy products by substituting milk fat with palm oil and other harmful chemicals. These products were not only supplied in the domestic market but were also exported to various countries. In order to facilitate such exports, forged laboratory test reports of reputed laboratories were submitted before the Export Inspection Agency (EIA), Indore, to obtain export clearance. However, verification from the concerned laboratories revealed that many such reports were forged and had not been issued by them,” an ED official said.
Further investigation revealed that, on the basis of these forged laboratory reports, M/s Jayshri Gayatri Food Products Pvt. Ltd. exported adulterated dairy products and received export proceeds in its bank accounts maintained with Axis Bank and HDFC Bank.
The investigation found that export proceeds amounting to approximately ₹20.59 crore were generated through exports supported by forged laboratory reports, which have been identified as Proceeds of Crime under the provisions of the PMLA.
Further investigation in the matter is ongoing.
