The four were remanded to the Directorate of Law Enforcement (ED) until July 27 by a special court for the Prevention of Money Laundering Act (PMLA) in Chennai, the report said. federal investigative agency in a statement.
The money laundering investigation stems from three CBI FIRs filed against the accused in 2020 which alleged that these three companies, together with their promoters, directors and unknown persons, engaged in embezzlement and breach of trust criminals, manipulating books of accounts through shell entities, and channeling funds through shell (shell) companies.
The CBI complaint accused the defendants of embezzling funds from company accounts for personal gain, causing a loss of Rs 3,986 crore to public sector banks.
The Surana group specializes in the manufacture and sale of gold jewelry.
The ED alleged that the defendant “created a network of shell companies and that the shell directors of these shell companies were either relatives/people from the ancestral village of the Surana family or employees of the Surana group of companies”.
“The transactions of the three main group companies were routed through these shell/shell companies and subsequently the funds were diverted for other purposes including the purchase of overlay properties and also obtained benami properties in the name of these front companies,” the agency said.
The Surana group of companies/promoters incorporated several companies in the Cayman Islands as well as the British Virgin Islands in the name of “fictitious” directors and embezzled money to park in these companies through four “fictitious” companies located in Singapore, he said.
The ED discovered that the money was generated by these Singapore-based companies through the sale of goods exported by Indian entities.
“However, these Indian entities subsequently wrote off the receivables in the books of accounts in India,” he claimed.
The ED alleged that “millions of rupees were transferred from these three main group companies to the front companies and from the said front companies to the personal accounts of the promoters and their wives”.
He said that Dinesh Chand Surana is “the main perpetrator of this money laundering scheme and all shell companies were under his active control”.
“Vijay Raj Surana assisted in the transactions with the shell companies which were nothing but account manipulations and also allowed the transactions to continue including overlay etc.,” he said declared.
Describing the alleged role of Anand and Prabhakaran, he said they “actively colluded” with Surana management to siphon off funds and “thus aided and abetted them in their siphoning and money laundering activities. public”.