Priyanka Kumari | Nov 13, 2023 |
ED filed Prosecution Complaint against Properties worth Rs. 230.4 Crore under PMLA
The Directorate of Enforcement (ED) has filed a Prosecution Complaint under the Prevention of Money Laundering Act, 2002 (PMLA) against Suresh Narayan Vijaywargiya and others in the case of Peoples Group, Bhopal, Madhya Pradesh, with a prayer for conviction of the accused persons and confiscation of their attached properties worth Rs. 230.4 Crore.
On November 9, 2023, the Hon’ble Court took cognizance of the Prosecution Complaint.
Under Section 447 of the Companies Act, 2013, the Registrar of Companies, Ministry of Corporate Affairs, Gwalior, Madhya Pradesh, filed three Prosecution Complaints against Suresh Narayan Vijaywargia (SN Vijaywargia), Late Ramvilas Vijaywargia, Peoples International and Services Pvt Ltd, PGH International Pvt Ltd, and Peoples General Hospital Pvt Ltd.
The ED investigation disclosed that S. N. Vijaywargia enriched himself and the entities under his control using dubious methods and means, harming the shareholders of the three companies that received the FDI (Peoples International and Services Pvt Ltd, PGH International Pvt Ltd, and Peoples General Hospital Pvt Ltd).
Foreign Direct Investment a total of Rs.494 crore was received in three Peoples Group companies between 2000 and 2011, and the funds were siphoned off in the form of interest-free (or very low-interest) ‘loans, security deposits,’ advances, and other such names to S N Vijaywargia and related entities under his control from 2000 to 2022, resulting in the generation of Rs.594.65 crore in Proceeds of Crime.
It was also revealed how the proceeds were used by S N Vijaywargia, Sarvajanik Parmarthik Jankalyan Nyas (SJPN) (a public Trust on which S N Vijaywargia exercised dominant control as Trustee) and PG Infrastructure and Services Pvt Ltd (a company in which S N Vijaywargia owns 99% of the shares) to purchase properties and create assets.
The ED had previously attached assets worth Rs. 230.4 crore by obtaining a Provisional Attachment Order on November 1, 2023.
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