ED Seizes Mangalore Refineries DGM’s Immovable and Movable Property Worth Rs. 2.14 Crore

ED Seizes Mangalore Refineries DGM’s Immovable and Movable Property Worth Rs. 2.14 Crore  Under the Prevention of Money Laundering Act (PMLA), 2002, the Enforcement Directorate has provisionally attached immovable and movable properties worth Rs.2.14 crore belonging to Niranjan Gupta, Deputy General Manager, Mangalore Refineries and Petrochemicals Ltd (MRPL), Mangaluru, and his wife Priti Gupta in a case involving Disproportionate Assets. Two residential properties in Kulai, Mangaluru, and shares in Niranjan Gupta and Priti Gupta's Demat accounts are among the connected assets. The ED launched a money-laundering investigation after the Central Bureau of Investigation, Anti-Corruption Branch, Bengaluru filed a complaint under 13(1)(b) of the Prevention of Corruption Act, 1988, alleging that between 2012 and 2018, the accused acquired vast assets, both movable and immovable, in his name and in the name of his wife, that was disproportionate to his known sources of income. The ED investigation revealed that Niranjan Gupta and his wife Priti Gupta had made large cash deposits in their bank accounts from unexplained sources in order to conceal the true nature of the money laundering scheme and that the proceeds of crime were used to acquire immovable properties and shares, thereby projecting it as untainted. Further investigation is in progress.