ED in fraud case against STCL Rs. 15 crore assets seized

(PTI) New delhi date. 13

The ED has seized assets worth Rs 12 crore in a money laundering case involving a public sector company, State Trading Corporation of India Limited (STCL).

The property has been seized under a provisional order issued under the provisions of the Prevention of Money Laundering Act (PMLA). The assets are owned by Future Metals Pvt Ltd (FMPL) and Future Exim India Pvt Ltd (FEIPL).

Fixed assets worth Rs 12.5 crore are located in Maharashtra, Punjab, Delhi, Gujarat and Karnataka (Bengaluru and Bellary). The money laundering case was registered by the Enforcement Directorate (ED) in an FIR lodged by the Bengaluru Police and the CBI in 2009 in a loan fraud case.

The ED said in a statement that FAPL and FEIPLA had entered into an agreement with STCL to import and export copper and nickel.

The agency further said that FMPL and FEIPLA had signed an agreement on payment guarantee on behalf of foreign buyers.

The ED alleges that FMPL and FEIPL did not abide by the agreement. Naveen Shriram, chairman of FMPL and FEIPL, and Sudhir Shriram, managing director of FMPL and FEIPL, have also been accused of giving personal and corporate guarantees in favor of STCL.