New Delhi
The Enforcement Directorate (ED) in Gurugram has seized assets worth Rs 294.19 crore from Sunstar Overseas Ltd (SOL) under the Prevention of Money Laundering Act (PMLA), 2002, as of Wednesday. The seized assets include land, buildings, flats, and fixed deposits.
The assets comprise 72 acres of land and buildings (including agricultural land) valued at Rs 210.6 crore in Sonipat, Amritsar, and Gurugram; two residential properties in Delhi’s Civil Lines covering over 5000 sq. mtrs., valued at Rs 77 crore; four flats in Karnal worth Rs 1.54 crore; a bank balance of Rs 1.27 crore; and fixed deposits totaling Rs 3.78 crore.
The ED’s probe follows an FIR by the Central Bureau of Investigation (CBI) in Chandigarh against SOL and its former directors—Rohit Aggarwal, Manik Aggarwal, Sumit Aggarwal, and others—for fraud, misappropriation, breach of trust, and causing over Rs 950 crore in losses to nine banks. The investigation revealed that while SOL’s admitted claims amounted to Rs 1,274.14 crore, it was taken over through Corporate Insolvency Resolution Process (CIRP) for just Rs 196 crore by Umaiza Infracon LLP, a shell company with no funds.
In January 2024, the ED conducted searches under PMLA, 2002, and arrested Rakesh Gulati, Paramjeet, and Ajay Yadav in July 2024. They were found to be involved in the conspiracy and diversion of loan funds to regain control of the insolvent company from the National Company Law Tribunal (NCLT).
