The Enforcement Directorate has attached properties worth Rs 40.62 crore in the form of 26 residential flats and shops situated in the states of Maharashtra and West Bengal in the case of Geodesic Limited and others.
The ED said that it attached properties under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in the case of Geodesic Limited (GL) and others.
The agency said that it attached the properties in the form of 26 residential flats and shops in the name of various companies and persons — Savi Commodity and Capital Services Pvt Ltd, J&J Network Consultancy (P) Limited, Dinesh Jajodia and others situated in the states of Maharashtra and West Bengal.
The ED registered a case on the basis of FIR registered by MIDC Police Station, Mumbai under various sections of IPC against the directors of Geodesic Ltd. via Prashant Mulekar, Kiran Kulkarni, Pankaj Kumar Srivastava and their Tax Consultant Dinesh Jajodia for defrauding the shareholders as well as FCCB holders to the tune of US$ 125 Million.
ED investigation revealed that Geodesic Limited raised FCCB to the tune of $125 million in 2008 for the purpose of overseas acquisition and investment in Joint Venture or Wholly Owned Subsidiary of GL.
“However, FCCB funds were misappropriated and mis-utilised for investment or lending activities in other overseas companies and also transferred to the Indian accounts of Geodesic Ltd with the deceitful intention to siphon off the foreign funds,” it said.
It said that GL had siphoned off shareholders’ money by entering into fictitious sale or purchase of software from six major shell companies.
The ED said that it has found that huge amount of funds were transferred into shell companies from GL which were under management and control of Jajodia and others and further to individual accounts of Savi Group of companies which were ultimately used to purchase immovable properties.
Earlier, the agency has attached immovable properties worth Rs 16.52 crore belonging to directors of the company were attached by ED.
ED had arrested fpur persons including directors of GL — Mulekar, Srivastava, Kulkarni along with its Tax Consultant Jajodia in this case.
Total attachment in this case stands at Rs 57.14 crore.
