NEW DELHI: The Enforcement Directorate has conducted multiple searches in the national capital in connection with its money laundering probe in the alleged Rs 390 crore-NAFED defraud case.
The central probe agency said that it conducted the raids yesterday at three locations of O P Agarwal and Manish Kant Agarwal and their firms 'Ms Earthtech Enterprises Limited' and 'Ms M K International Limited' here.
Hard disks, laptops, I-pads, cheque books and over 40 rubber stamps of various companies and property-related documents were seized by the ED sleuths in the raids.
The ED, based on a CBI FIR, has registered a criminal case under the provisions of the Prevention of Money Laundering Act (PMLA) in the case.
"Investigation conducted so far has revealed that O P Agarwal and M K Agarwal through their companies had an agreement with the National Agricultural Cooperative Marketing Federation of India (NAFED) for import and export of agriculture and non-agriculture products.
"O P Agarwal and his associates diverted the funds, due to NAFED (against the line of credit issued by the Union Bank of India and export proceeds), to the tune of Rs 390 crore through their companies namely Ms Roseberry Global FZE, Trance Asia, Money Time Investment among others of Dubai and thus, made wrongful loss to NAFED and wrongful gain to them," it said.
The agency said its probe further found that the duo "parked" these funds in the accounts of their shell companies, accounts of their employees, immovable properties and in the capital market.
The ED has also attached assets worth Rs 16 crore in this case.
"Further investigation is in progress," it said.
NAFED was established in 1958 with an aim to promote cooperative marketing of agricultural produce to benefit the farmers.