The Enforcement Directorate (ED) has urged the special PMLA (Prevention of Money Laundering Act) court to confiscate three companies’ properties worth Rs 21 crore. These companies are ARSS Damoh-Hirapur Tolls Pvt. Limited, ARSS Infrastructure Projects Limited and Anil Contractor Pvt. Limited.
The ED has filed Prosecution Complaint under the Prevention of Money Laundering Act, 2002 (PMLA) against the three aforesaid companies before the special MPLA court with a prayer for the conviction of the accused and confiscation of properties involved in the money laundering worth over Rs 21 crore.
The accused chief managing directors and directors of the companies have been identified as Subash Agarwal, Anil Agarwal, Shoumendra Keshari Pattanayak and Shiv Kumar Shingla.
Notably, Madhya Pradesh Road and Construction Limited had awarded the tender to the companies to construct a road. Later, the tender was cancelled as they couldn’t finish the construction within the stipulated time. Because of this, the companies failed to repay the loans they had availed from a bank. The concerned bank then lodged a complaint against the companies.
Initially, the Central Bureau of Investigation (CBI) was investigating the case and even filed charge sheet. Later the ED took up the case.
Notably, the court has accepted the ED’s application for a hearing.