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Hindustan Times
a day ago
- Business
- Hindustan Times
PMLA court allows restoration of ₹952-cr property attached by ED
MUMBAI: In an important development, a special PMLA (Prevention of Money Laundering Act) court on June 25 allowed restoration of assets ₹ 952 crore attached by the Enforcement Directorate (ED) in a money laundering case against Infrastructure Leasing & Financial Services Ltd (IL&FS), its group companies, and associated entities. The property - Surat-based plant of Vadraj Cement Limited - would be restored to Nuvoco Vistas Corporation Ltd, which has taken over the defunct company through a resolution process. (Shutterstock) The Mumbai zonal office of the agency initiated investigation under the PML Act against IL&FS and associated entities for their alleged involvement in the generation and laundering of proceeds of crime (POC). During the course of the investigation, it was revealed that Vadraj Cement Limited (formerly ABG Cement Ltd), a group company of ABG, had availed financial assistance from IL&FS Financial Services Ltd (IFIN), which was subsequently declared as a non-performing asset, said agency sources. The investigation established that loans amounting to ₹ 952 crore were obtained fraudulently and were identified as POC, they added. Accordingly, the immovable properties of Vadraj Cement Ltd, comprising its cement plant in Surat, were provisionally attached by ED on January 21, 2020. The attachment was confirmed by the Adjudicating Authority on August 5, 2021. A prosecution complaint or charge sheet in the money laundering case was also filed before the special PMLA court in Mumbai, praying for the confiscation of properties attached as POC. According to ED sources, Punjab National Bank was the major lender to Vadraj Cement Ltd with an admitted claim of ₹ 2,122 crore. The defunct cement company's other major lenders include Union Bank ( ₹ 1,620 crore), Indian Overseas Bank ( ₹ 1,419 crore), Central Bank of India ( ₹ 1,391 crore) and JC Flower ARC ( ₹ 677 crore). Subsequently, M/s Nuvoco Vistas Corporation Ltd, a subsidiary of the Nirma Group and the successful resolution applicant under the Insolvency and Bankruptcy Code, 2016 (IBC), filed an application before the special PMLA court seeking restoration of the attached property to facilitate implementation of the resolution plan approved by the National Company Law Tribunal, Mumbai, on April 1, 2025. Under the scheme approved by the NCLT, Nuvoco Vistas Corporation Ltd will pay ₹ 1,706 crore to Vadraj Cement's financial creditors in lieu of its acquisition of the defunct company. Considering the intent of the PMLA to restitute or restore the POC to bonafide legitimate claimants, the ED submitted no objection before the special court for the release of property attached to the bonafide legitimate claimants. Based on ED's NOC, the special court on June 25 passed an order to restitute the attached immovable properties to the bonafide claimants - Nuvoco Vistas Corporation Ltd, subject to filing an undertaking to return or restore the property or its value as may be directed in future. The court has also instructed ED to prepare a detailed inventory of the property prior to handing over its possession to the successful resolution applicant.
Hindustan Times
11-06-2025
- Hindustan Times
Delhi HC rejects bail plea of Vedpal Singh Tanwar in PMLA case linked to illegal mining in Haryana
The Delhi high court on Monday rejected the interim and regular bail pleas of Vedpal Singh Tanwar in a money laundering case. He is an accused in a case linked to illegal sand and stone mining in the Dadam area of Bhiwani, Haryana. The high court dismissed the bail plea in view of the material placed on record by the Enforcement Directorate (ED). Justice Girish Kathpalia dismissed the bail plea after hearing the submissions of the ED and material placed on record. Justice Kathpalia said, 'I am unable to satisfy myself that there is any reasonable ground for believing that the accused/applicant is not guilty of the offences alleged. That being so, the rigours of Section 45 of the PML Act dissuade this court from admitting the accused/applicant to bail on merits.' After perusing the medical status report of May 2, 2025, which compiled medical reports of hospitals including AIIMS, the bench rejected the interim bail plea to Tanwar. 'According to the said medical status report, the accused applicant is stable and regularly reviewed by the doctor on duty, and all medicines prescribed by AIIMS are being provided to him from the jail dispensary itself. So, on that count also, the accused/applicant has failed to establish a ground for grant of bail,' Justice Kathpalia said in the order passed on June 9. While rejecting the bail pleas, the high court said that there was a huge loss of ₹78 crore to the government exchequer. The court noted that the documentary record reflected the unlawful gain to the accused persons, including Tanwar, and the unlawful loss to the exchequer to the time of ₹78,14,75,324. Tanwar has moved a plea through advocate Sumer Singh Boparai and Aman Sharma. ED had arrested Vedpal Singh Tanwar under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, on May 30, 2024, in connection with illegal mining in the Dadam area of Haryana. As per ED, it initiated an investigation on the basis of the prosecution complaint filed by the regional officer, Haryana State Pollution Control Board, Bhiwani, before the Special Environment Court, Kurukshetra, against the Firm M/s. Govardhan Mines and Minerals for violating the conditions of Environment Clearance under the Environment (Protection) Act, 1986 and subsequently, an FIR was registered by Haryana Police under various sections of IPC, 1860. ED said that the investigation revealed that the firm had been involved in large-scale illegal and unscientific mining in the Dadam area of Haryana. It had led to large-scale damage to the environment and a huge loss to the exchequer. It is worth mentioning here that rampant illegal mining in the area led to the killing of five persons due to landslides, ED said in a press note.
India Gazette
09-06-2025
- India Gazette
Delhi HC rejects bail plea of Vedpal Singh Tanwar in PMLA case linked to illegal mining in Haryana
New Delhi [India], June 10 (ANI): The Delhi High Court on Monday rejected the interim and regular bail pleas of Vedpal Singh Tanwar in a money laundering case. He is an accused in a case linked to illegal sand and stone mining in the Dadam area of Haryana. The High Court dismissed the bail plea in view of the material placed on record by the Enforcement Directorate (ED). Justice Girish Kathpalia dismissed the bail plea after hearing the submissions of the ED and material placed on record. Justice Kathpalia said, 'I am unable to satisfy myself that there is any reasonable ground for believing that the accused/applicant is not guilty of the offences alleged. That being so, the rigours of Section 45 of the PML Act dissuade this court from admitting the accused/applicant to bail on merits.' After perusing the medical status report of May 2, 2025, which compiled medical reports of hospitals including AIIMS, the bench rejected the interim bail plea of Tanwar. 'According to the said Medical Status Report, the accused applicant is stable and regularly reviewed by the doctor on duty, and all medicines prescribed by AIIMS are being provided to him from the jail dispensary itself. So, on that count also, the accused/applicant has failed to establish a ground for grant of bail,' Justice Kathpalia said in the order passed on June 9. While rejecting the bail pleas, the High Court said that there was a huge loss of Rs 78 crore to the government exchequer. The court noted that the documentary record reflected the unlawful gain to the accused persons, including Tanwar, and the unlawful loss to the exchequer to the time of Rs 78,14,75,324. Justice Kathpalia also said that no serious health issue decipherable from the Medical Status Report received from the jail, 'I find it not a fit case to release the accused/applicant on bail. The applications (for regular as well as for interim bail) are dismissed.' The bail pleas were opposed by ED's special counsel Zoheb Hossain. Special counsel Zoheb Hosain for ED, while opposing the bail plea, had submitted that the accused is not in long incarceration as he was admitted in the interim bail and was in the hospital for a considerable time. There is a 165-day effective incarceration only. He is medically fit. An FIR was registered in August 2023 at Tosham. ECIR was registered in September 2023. Tanwar was Arrested in May 2024. ED's counsel argued that the alleged offences under section 420 (Cheating) and section 120B (Criminal Conspiracy) were part of the ECIR. There is illegal stone mining in this case. Allegations of cheating are there. Fraudulent representation was made to government as Tanwar was blacklisted by the Haryana government, Zoheb Hosain said. His firm Ridhi Siddhi was blacklisted by the Haryana Government. He was not allowed to participate in mining auctions. He was blacklisted, he can't bid, Hossain added. Hussain further argued that Tanwar did it through another firm, Goverdhan Mining and Mineral (GMM). Tanwar was controlling the affairs of that firm. He was the CEO of GMM and drew a salary of Rs 10 lakh per month. On the other hand, senior advocate Vikas Pahwa advanced rebuttal arguments for Tanwar. He submitted that Cognizance is not taken against Tanwar. Prima facie, there is no Offence against him. NGT order is set aside. FIR is pending. The special director of ED becomes the complainant, she is the informant, the senior advocate added. Tanwar has moved a plea through advocate Sumer Singh Boparai and Aman Sharma. ED had arrested Ved Pal Singh Tanwar under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, on May 30, 2024, in connection with illegal mining in the Dadam area of Haryana. As per ED, it initiated an investigation on the basis of the Prosecution Complaint filed by the Regional Officer, Haryana State Pollution Control Board, Bhiwani, before the Special Environment Court, Kurukshetra, against the Firm M/s. Govardhan Mines and Minerals for violating the conditions of Environment Clearance under the Environment (Protection) Act, 1986 and subsequently, an FIR was registered by Haryana Police under various sections of IPC, 1860. ED said that the investigation revealed that the firm had been involved in large-scale illegal and unscientific mining in the Dadam area of Haryana. It had led to large-scale damage to the environment and a huge loss to the exchequer. It is worth mentioning here that rampant illegal mining in the area led to the killing of five persons due to landslides, ED said in a press note. (ANI)
