Lagatar24 desk
New Delhi, July 2: The Enforcement Directorate (ED) has attached a total of
105 immovable properties and assets worth Rs 96.21 crore belonging to
Madhucon Group of companies and its directors and promoters in a money
laundering case against Ranchi Expressway Ltd bank fraud.
The attached property includes land assets worth Rs 88.85 crores in Hyderabad,
West Bengal and Vishakhapatnam whereas movable assets of Rs 7.36 crore
including shareholding of the promoters in Madhucon Projects Ltd. The properties were attached on Friday.
The ED registered a case under the Prevention of Money Laundering Act and
have started an investigation on the basis of the Central Bureau of Investigation (CBI) FIR registered on March 12, 2019, at the agency’s Ranchi-based branch against
Ranchi Expressways Limited and its directors.
Notably, CBI filed a charge sheet on December 30, 2020, before the
Special Judge for CBI cases, Ranchi against Ranchi Expressways Limited and
others.
According to the case, the National Highway Authority of India (NHAI) awarded a
project of 4-laning of NH-33 from 114 Km to 277.50 KM on Ranchi-Rargaon-Jameshdpur Section on annuity basis on design, built, finance, operate and transfer (DBFOT) pattern to Madhucon Project Limited on March
18, 2011.
A Special Purpose Vehicle (SPV) Ranchi Expressway Limited was incorporated
by Madhucon Group, in ordere to execute this project.
Madhucon Group could not complete the project despite availing the full loan
amount and their contract was terminated and an FIR was
booked based on the directions of the High Court.
During the search operations in June 2021, ED seized evidence and unaccounted cash of Rs 34,00,000 was also found and seized from the residential premises of Madhucon Group’s Chairman Nama Nageshwar Rao.
ED investigation has revealed that Ranchi Expressways Limited represented by its
directors and promoters obtained loans of Rs 1030 crore (approximately) from
the consortium of banks led by Canara Bank.
