The Enforcement Directorate (ED) has arrested Sunil Agrawal , the Chartered Accountant of suspended IAS official of Chhattisgarh Babulal Agrawal for his alleged role in aiding money laundering for the suspended IAS official, an official press release of ED said on Friday.
Sunil Agrawal was the key person who helped Babulal Agarwal in laundering inappropriate money received by the latter through opening of the bank accounts, deposit of cash in those accounts, opening of shell companies, transfer of money from accounts to shell companies and investment by shell companies in M/s Prime lspat ltd, , the Press release informed.
In order to launder tainted assets, 446 bank accounts were opened in the names of various persons belonging to the villages of Kharora, Motimpurkala, Chingaria and Mandheipur in Union Bank of India, Ramsagarpara Branch and Union Bank of India, Pandri Branch, Raipur, it informed.
Babulal Agarwal also formed 13 shell companies for aiding transfer of money from various sources to M/s Prime lspat ltd and that the family members of Sunil Agrawal, CA, were made the Directors in the 13 shell companies, the release further said.
These shell companies were controlled and operated by Sunil Agrawal from his office address. The cash deposits made in the aforesaid benami accounts were immediately transferred to the said 13 shell companies as share application money, the press release informed.
The investigation reveals that these 13 shell companies were formed for the objective of laundering the illegal cash money belonging to Babulal Agrawal, the press release informed.
A total amount of Rs 36.09 crores was invested as share capital money in M/s Prime Ispat ltd through these 13 shell companies. Sunil Agrawal had knowingly indulged in such fraudulent and criminal activity to aid laundering of tainted money belonging to Babulal Agrawal and was therefore arrested under PMlA, it informed.