Enforcement Directorate Attaches Property Of Jalna Sugar Mill Linked To Ex Shivsena Mla Arjun Khotkar

Ex Shivsena MLA Faces ED Heat: The Enforcement Directorate (ED)...

Ex Shivsena MLA Faces ED Heat: The Enforcement Directorate (ED) on Friday attached assets worth Rs 78.38 crore of Jalna Sahakari Sakhar Karkhana (SSK) Ltd, a former Shiv Sena operative under the Prevention of Money Laundering Act (PMLA) in a case related to illegal sale of a cooperative sugar mill. She is associated with MLA Arjun Khotkar. The ED said that Jalna SSK is presently in the name of Arjun Sugar Industries Pvt Ltd, which was incorporated by Khotkar and his associates to buy SSK.

According to sources, the central agency initiated investigation under PMLA on the basis of an FIR registered by the Economic Offenses Wing of Mumbai Police on August 26, 2019. The FIR states that Jalna SSK was sold fraudulently to their relatives or private persons at cheap prices by the erstwhile officers and directors of MSCB without following due process under the SARFAESI Act.

Jalna SSK was built in 235 acres

Investigation revealed that Jalna SSK was established in 1984-85 on about 235 acres, which included 100 acres of land without any monetary benefit from the Maharashtra government. SSK failed to repay the loan taken from MSCB and was declared as Non-Performing Asset (NPA) on March 31, 2002. A press note issued by the ED stated that Jalna SSK was to clear the outstanding loan of Rs 33.49 crore to MSCB till August 30, 2008. To recover its dues, MSCB took possession of SSK on 16 February 2009 under SARFAESI Act.

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name but company one

The ED said that MSCB had auctioned Jalna SSK on February 27, 2012 with a reserve price of Rs 42.18 crore. Only two companies from Aurangabad – Tapadiya Construction Pvt Ltd and Ajit Seeds Pvt Ltd participated in it. Tapadia Construction made the highest bid of Rs 42.31 crore. The ED investigation later revealed that both the companies were linked to each other. Tapadiya Construction and Ajit Seeds are operating from the same building in Jalna. After receipt of the final installment of the sale amount by MSCB, the sale certificate was issued to Tapadia Construction on the same day on 3rd December 2012. Tapadiya Construction did not operate SSK and after 15 months, SSK, with 235 acres, was sold to Arjun Sugar Industries Pvt Ltd.

Alleged money laundering was like this

The ED further said that Arjun Sugar was made by Khotkar and others on 8 May 2012 only to buy Jalna SSK. It said that while Khotkar was on the board of MSCB during 1998-2004, he was the director of Jalna SSK from 1997 to 2003. During investigation, the ED came to know that around Rs 10.56 crore paid by Tapadia Construction to MSCB as initial deposit in lieu of Jalna SSK was an adjustment unit initiated by conversion of cash through shell companies. In addition, Rs 31.73 crore was received from Arjun Sugar on December 3, 2012. Thus, the ED said that Tapadiya Construction was only a proxy entity that had bought Jalna SSK from MSCB.

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