ED attaches properties worth Rs 26.30 crore in Rs 139 crore cheating case

The ED’s probe stems from an FIR filed by Sandeep Jagdish Choudhary, Managing Director of HUF India Pvt Ltd, astatine Chakan Police Station. The FIR accuses ex-employees of defrauding the institution of Rs 139 crore. The constabulary person charged the accused nether sections 420, 406, 409, 467, 468, 471, and 34 of the Indian Penal Code.

According to the ED, betwixt 2010 and 2020, the erstwhile employees colluded to defraud HUF India Pvt Ltd. They manipulated acquisition orders, created mendacious invoices, and utilized a fake institution stamp to make goods receipt notes (GRNs). These actions allowed them to merchandise funds to vendors without immoderate goods oregon services being provided.

The vendors progressive successful the scam subsequently transferred the funds backmost to the slope accounts of Garg, Agarwal, their household members, and associated firms nether the pretense of providing consultancy services, contempt nary specified services being rendered. The accused besides extorted committee payments from vendors, threatening to halt their services unless payments were made.

The illicit funds were transferred into idiosyncratic and dummy steadfast accounts, which were past utilized to get movable and immovable properties successful the names of Garg, Agarwal, their families, and the firms.

Earlier, connected September 4, 2024, the ED conducted searches astatine the premises of the accused and vendors, freezing slope accounts, fixed deposits, shares, and communal money investments worthy Rs 10.15 crore.