New Delhi
The Enforcement Directorate (ED) executed searches at the premises of four companies, uncovering a staggering misappropriation of Rs 102.4 crore from the National Highway Authority of India (NHAI) funds. The searches, conducted at the offices of Bharat Road Network Limited (BRNL), Guruvayoor Infrastructure Private Limited (GIPL), and KMC Constructions Ltd, unveiled a complex web of financial irregularities and fraudulent practices.
During the investigation, it was revealed that GIPL had diverted toll collections to mutual funds without remitting the cost of unexecuted work to the NHAI. As a result, the ED issued a freezing order against Guruvayoor Infrastructure Private Limited’s bank balance and Fixed Deposits in Kolkata, totaling Rs 125.21 crore.
The ED’s probe was initiated following an FIR by the Central Bureau of Investigation (CBI) against GIPL and other involved parties, highlighting an alleged conspiracy that led to the misappropriation. The investigation uncovered a web of collaboration between GIPL, its former Director Vikram Reddy, unidentified NHAI officials, and the project Independent Engineer in Palakkad.
The investigation further unveiled that the accused entities obtained a completion certificate for a National Highway 47 section, allowing them to collect tolls from the public. Additionally, the companies were found to have gained illicit revenue from advertisement space without fulfilling their construction obligations, resulting in a wrongful benefit of Rs 125.21 crore. This amount was classified as proceeds of crime under the Prevention of Money Laundering Act, 2002 (PMLA), prompting the ED’s freezing orders and ongoing investigation into the intricate financial malpractices.
