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In a significant development, the The Enforcement Directorate (ED) has exercised its power by temporarily seizing assets amounting to Rs. 6.79 Crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The move is part of the ED’s ongoing investigation into a case of alleged cheating of the public involving the raising of illegal public deposits.
The entities under scrutiny include M/s Micro Finance Ltd., M/s Micro Leasing & Funding Ltd., M/s Micro Construction Pvt. Ltd., and their respective directors, namely Durga Prasad Mishra, Upendranath Mishra, Baikunthnath Patanaik, Suresh Ch. Parida (an accomplice of Upendranath Mishra), M/s Mahavir Dairy & Agro Processors Ltd., A.M. Enterprises, & M/s Gauri Vinayak Builders & Developers Pvt. Ltd.
Details of the Attachment:
The provisional attachment encompasses both movable and immovable assets, with bank balances amounting to Rs. 0.75 Crore and immovable assets valued at Rs. 6.04 Crore. The properties are situated across the states of Odisha, Gujarat, Chhattisgarh, and Rajasthan.
The alleged wrongdoing centers around the unlawful collection of public deposits by M/s Micro Finance Ltd. and M/s Micro Leasing & Funding Ltd. The investigation reveals that the entities, represented by their directors, engaged in the illegal mobilization of funds through enticing schemes. The collected deposits were allegedly concealed through investments in properties and fund layering into other group companies, including M/s Micro Constructions Pvt. Ltd.
Funds were further diverted to sister concerns such as M/s Nandini Kalinga Dairy Ltd. (associated with M/s Mahavir Dairy & Agro Processors Ltd.), M/s A.M. Enterprises, & M/s Gauri Vinayak Builders & Developers Pvt. Ltd.
Prior Actions by ED:
This recent action follows previous efforts by the ED, which had attached properties worth Rs. 218 Crore belonging to M/s Micro Finance Ltd. and others. The attachments were confirmed by the Adjudicating Authority PMLA after being issued through two PAOs on 30/03/2019 and 04/02/2021. The ED had also filed a Prosecution Complaint against the company and others on 31/08/2020, with a supplementary Prosecution Complaint submitted on 26/12/2022.
The ED’s relentless pursuit underscores its commitment to combat financial irregularities and protect the interests of the public. The provisional attachment of assets is a significant step in the ongoing legal proceedings related to the alleged cheating of the public through illegal public deposits.
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