NEW DELHI: The Enforcement Directorate (ED) has attached assets worth Rs 21.29 crore of a firm owned by S P Singh, considered a close aide of Union Minister V K Singh, and others in connection with a money laundering case.
The case pertains to alleged financial irregularities in supply of high-altitude tents worth Rs 22 crore to intelligence agency Research and Analysis Wing (RAW) during 2009-13.
The agency said it has issued a provisional order against Shambhu Prasad Singh and others “under the Prevention of Money Laundering Act in a case of bank fraud.”
Two factories, a commercial property in Noida, a residential property in Lucknow and agricultural land in Ballia have been attached, it said.
“Ms Dynamic Shells (India) Private Limited, a company owned by Singh, ran a network of shell companies to divert funds availed from financial institutions. The company siphoned off bank loan amount received from PNB by routing into the bank accounts of various firms and companies… Which were formed or incorporated in the names his employees,” the ED said in a statement.
It added that the “bank accounts of the said companies were opened in various banks in Delhi, particularly in Syndicate Bank, Nehru Place branch.” (AGENCIES)
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