The Enforcement Directorate (ED), Mumbai Zonal Office filed a Prosecution Complaint (PC) before the Special Court for Prevention of Money Laundering Act, 2002 (PMLA), in a money laundering case involving M/s Jagat Agro Commodities Pvt. Ltd. on May 7. The PC was filed against 16 accused persons associated with M/s Jagat Agro Commodities Pvt. Ltd., an ED official said on Thursday. Some of the names revealed in the ED’s statement are: Sant Lal Aggarwal, Satish Pawa, and others. The special PMLA court took cognizance of the PC on June 13, 2024.
“The investigation was initiated by the ED based on a first information report (FIR) registered by Enforcement Officer-II, Central Bureau of Investigation (CBI), New Delhi based on a complaint by the Deputy General Manager, State Bank of India, Stressed Assets Management Branch-II, New Delhi, against M/s Jagat Agro Commodities Pvt. Ltd., Sant Lal Aggarwal, Satish Pawa, and 10 others for committing the offence of criminal conspiracy, cheating, and forgery, thus causing a wrongful loss of ₹ 397.67 crore to the State Bank of India (SBI) and Punjab National Bank (PNB),” an ED official said.
The investigation revealed that Sant Lal Aggarwal and Satish Pawa conspired with rice brokers to forge financial documents and inflate the balance sheets of their company, securing large loans from SBI and PNB under false pretences. “The loans, intended for rice trade and export, were diverted to various other companies that were related and unrelated, and the funds were siphoned off through fake bills of sale and purchase,” the official added.
Previously, the ED had provisionally attached proceeds of crime amounting to ₹ 50.59 Crore in the form of immovable properties.
