Nagpur: A report in a local English daily has said that the adjudicating authority under the Prevention of Money Laundering Act (PMLA) has granted permission for the retention of cash and jewellery seized by the Enforcement Directorate (ED) in the Pankaj Mehadia case.
According to the report, Pankaj Mehadia stands accused of orchestrating a fraudulent investment scheme, resulting in the alleged duping of investors. The decision by the adjudicating authority has paved the way for the accused to potentially challenge the order at the appellate tribunal.
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Sat 21 Dec. 2024
The adjudicating authority overseeing cases related to the Prevention of Money Laundering Act (PMLA) rendered a verdict allowing the retention of both cash and jewellery that had been seized by the Enforcement Directorate (ED) in connection with the Pankaj Mehadia case.
Pankaj Mehadia is facing accusations of masterminding a fraudulent investment scheme that reportedly deceived multiple investors. The ED, during its investigations, had conducted raids resulting in the seizure of approximately Rs 1 crore in cash and jewellery valued at over Rs 5 crore.
With the adjudicating authority’s decision to uphold the retention of the seized assets, Pankaj Mehadia and his legal representatives are now tasked with the option of pursuing an appeal against this ruling within the designated appellate tribunal.
The media report further said that the ED’s investigative report, presented before the adjudicating authority, identifies various high-profile individuals involved in the alleged scam. These individuals are purported to have facilitated the diversion of funds collected from investors. The ED’s findings indicate that these funds were channelled back to Mehadia through the guise of loans from several corporate entities.
Pankaj Mehadia, known for his association with the steel trading sector, had enticed investors with promises of substantial returns, reaching up to 12%. However, the scheme eventually faltered, leading to alleged defaulting on the investments made by participants.
