New Delhi, Feb 26 (UNI) The Enforcement Directorate (ED), Nagpur Sub-Zonal Office, on Thursday said it has attached immovable properties worth Rs 3.35 crore belonging to Sachin Shatrughna Pandey and his family members in a case under the Prevention of Money Laundering Act (PMLA).
The ED stated that the attached assets include three commercial shops and two parcels of land, measuring a total area of 10.37 acres.
The PMLA investigation was initiated on the basis of FIRs registered at Dhantoli and Sitabuldi Police Stations in Nagpur under various sections of the Indian Penal Code, 1860, against Sachin Shatrughna Pandey and his associates for their alleged involvement in criminal activities.
The ED investigation revealed that Sachin Shatrughna Pandey and his wife, Smt. Khushi Sachin Pandey, despite no longer having any stake in two properties in Nagpur, wilfully entered into an agreement with complainant Amit Kothari for the sale of the said properties for Rs 2.5 crore and received Rs 2.2 crore in cash. Later, as the sale deed transferring the properties in favour of the complainant was not executed, the accused entered into a cancellation agreement, undertaking to return the money by March 31, 2013. However, they allegedly failed to adhere to the terms of the agreement and did not return Rs 2.2 crore, misappropriating the amount for personal gain and causing wrongful loss to the complainant.
The investigation further established that Sachin Shatrughna Pandey and his associates induced Chandraprakash Wadhwani by promising to arrange a loan of Rs18 crore from a foreign institution without security or credit, through a Standby Letter of Credit (SBLC), via his company, Luft International Pvt. Ltd. In this regard, they allegedly collected Rs1.2 crore in cash from the complainant as margin money for arranging the loan.
The accused neither arranged the promised loan nor returned the ₹1.2 crore, and allegedly misappropriated the amount for personal gain, causing wrongful loss to the complainant.
The investigation under the PMLA, 2002, has established that the main accused, Sachin Shatrughna Pandey, is a habitual offender who allegedly cheated not only the complainants in the present case but several other innocent persons through various false promises.
Further investigation revealed that the funds received by Pandey and his associates were partly placed and layered through multiple bank accounts maintained in their names, as well as in the names of family members and associated entities. Of the total amount, ₹90 lakh was allegedly diverted towards the purchase of residential flats in a Pioneer Group project, ₹20 lakh was transferred to the bank accounts of his associate Swarnim Jaykumar Dixit for further utilisation, and more than Rs 70 lakh was used to meet routine personal expenses.
The ED also stated that part of the remaining cash was used for the medical treatment of co-accused Khushi Pandey in India and abroad, while another portion was utilised to acquire an additional immovable property.
Further investigation in the matter is ongoing.
