Enforcement Directorate attaches assets worth 24.60 crore in Odisha money laundering case

Traders Union
All News
Business & Wealth
Companies
24.60 crore attached in Odisha

Highlights

The Enforcement Directorate provisionally attached immovable property worth 24.60 crore belonging to Odisha-based Pluto Plaza Private Limited in an enforcement action.
MTIL and TEPL obtained a total of 35.40 crore in financial assistance using false financial information, in collusion with PEC Limited officials, ultimately resulting in liabilities of 56.89 crore.
Hanuman Khedaria and entities linked to him received alleged proceeds of crime worth 15.31 crore, which were routed through bank accounts for various purposes.

This article was translated from the original. Read the original version by our correspondent here.

Background to the investigation and details of the attached property

According to the Enforcement Directorate, its Bhubaneswar Zonal Office attached the property under the Prevention of Money Laundering Act, 2002, in a case involving M/s Maa Tarini Industries Limited, its directors and other related parties. The attached property includes the ground floor, first floor and part of the second floor of Pluto Plaza Mall in Chhend, Rourkela, Odisha. The property is held in the name of M/s Pluto Plaza Private Limited, a company said to be controlled by Hanuman Khedaria.

The ED investigation began on the basis of an FIR registered by the CBI's Anti-Corruption Branch (ACB) in Bhubaneswar. It is alleged that MTIL, in collusion with certain PEC Limited officials, obtained financial assistance of 19.40 crore for purchasing iron ore by misrepresenting its financial position and concealing existing encumbrances on its assets. Its associate company, M/s Tathagat Exports Private Limited (TEPL), also obtained assistance of 16 crore from PEC Limited.

When the loan accounts became non-performing assets (NPAs), the total outstanding liability to PEC Limited, including interest, was approximately 56.89 crore.

Use of funds and impact on the industry

The investigation found that funds received from PEC Limited were routed through the bank accounts of MTIL and TEPL and used to make share purchase payments to MTIL's former shareholders, including Hanuman Khedaria. According to the ED, Hanuman Khedaria and entities linked to him received alleged proceeds of crime of approximately 15.31 crore, which rose to 24.60 crore after adding the proportionate interest component.

The investigative agency says the funds were subsequently routed through various bank accounts and used for several purposes, including cash withdrawals, investments and business expenses. On this basis, immovable property worth 24.60 crore belonging to M/s Pluto Plaza Private Limited has been provisionally attached as property equivalent in value to the proceeds of crime.

The case highlights the importance of monitoring public-sector financial assistance, corporate borrowing and the movement of funds between related parties. Further investigation is ongoing.

Our previous report detailed the provisional attachment of movable and immovable assets worth 136.42 crore belonging to Ocean Seven Buildtech Private Limited (OSBPL) and its related parties by the Enforcement Directorate in an alleged money laundering case linked to real estate projects. The report also noted that the investigation had progressed based on allegations of misuse of funds raised from buyers, failure to develop the projects and transfers of assets after an FIR was registered, while the total value of attached assets had risen to approximately 188 crore.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.