The Enforcement Directorate (ED) has provisionally attached five immovable properties, five bank accounts and shares worth Rs 20.77 crore under provisions of Prevention of Money Laundering Act in Sandesara Group case.
These attached assets belong to ShimnitUtsch India Private Limited and its directors, the ED said in a statement.
The ED investigation revealed that Sandesaras had diverted Proceeds of Crime of Rs 55.13 crore to the accounts of ShimnitUtsch India Private Limited in the garb of share application money. Out of the said diversion, an amount of Rs 23.50 crore was still lying with Shimnit group and its promoters/directors.Earlier, the ED had attached movable/immovable properties to the tune of Rs 14,523 crore vide 13 provisional attachment orders in relation to this case. “With this attachment, total attachment in this case stands at Rs 14,543 crore out of the Proceeds of Crime of more than Rs 14,690.95 crore,” it said.
As on date, one Prosecution Complaint (chargesheet) along with four supplementary complaints have been filed in this case and four arrests have been made by the ED. Nitin Sandesara, Chetan Sandesara, Dipti Chetan Sandesara and Hitesh Patel have been declared fugitives under Fugitive Economic Offenders Act by the Special Court.