ED Seizes Rs 19.50 Lakh and Evidence in Money Laundering Case in Mumbai and Pune
Mumbai/Pune, 31st July 2024: The Enforcement Directorate (ED), whose raid activities had slowed before the Lok Sabha elections, has resumed operations with renewed intensity. In a recent money laundering case, the ED conducted raids across various locations, including Mumbai, Karjat, Baramati, and Pune. The raids are part of an operation targeting Shree Shiv Parwati Sugar LLP and others involved in a bank loan fraud case concerning Hi-TECH Engineering Corporation India Pvt. Ltd. and its managers Nandkumar Tasgaonkar, Sanjay Awate, and Rajendra Ingwale.
During the raids, several suspicious documents, digital evidence, and ₹19.50 lakh were seized. The CBI initially registered the case, and the ED has since launched a further investigation. The companies involved had taken out a loan of ₹100 crore; however, the ED’s investigation revealed that ₹71 crore was not used for the intended project as required by the loan agreement. Additionally, the loan amount was diverted to the accounts of other companies. The ED is continuing its investigation based on these findings.
It is alleged that the company’s managers and associated companies, including Tasgaonkar Construction Limited, Tasgaonkar Industries Private Limited, and Hi-TECH Engineering Corporation India Pvt. Ltd., siphoned off a significant portion of the loan amount. This fraud has resulted in substantial losses to the government exchequer and personal gains for the perpetrators. Both the ED and CBI are now working on further investigations.
Rohit Pawar’s Name Linked
The ED has also linked Rohit Pawar’s company to the case. It claims that Tasgaonkar Construction Limited is an associate of Hi-TECH Engineering Corporation India Pvt. Ltd. The name of Hi-TECH Engineering Corporation India Pvt. Ltd. surfaced during the auction process of the Kannada Cooperative Sugar Factory, which was acquired by Rohit Pawar’s Baramati Agro Limited. The ED is investigating whether Rohit Pawar received assistance from Hi-TECH Engineering Corporation India Pvt. Ltd. in this auction.
