Nagpur: In a major development, the Enforcement Directorate (ED) conducted raids at 9 locations in Nagpur on Wednesday in connection with an ongoing investigation against Pankaj Mehadia and his associated companies. The raids were carried out at the offices and residences of Mehadia and his associates, according to the latest reports.
The raids were carried out at Chandra Coal Group , Sunvijay Group , R Sandesh Group , Vinay Agrwal , Suresh Bajirao , CA Anil Parakh and others.
According to reports, the ED is investigating Mehadia and his companies for alleged money laundering and financial irregularities. Mehadia companies which is involved in various sectors, including power, mining, and infrastructure. The ED team reportedly seized several documents and electronic devices during the raids, which will be examined further to gather evidence in the case. The agency is also questioning Mehadia and his associates in connection with the case.
The investigation against Mehadia and his companies began in 2019 after the Central Bureau of Investigation (CBI) registered a case against him and his associates for allegedly defrauding various banks and financial institutions. The ED later joined the probe to investigate the alleged money laundering angle.
It is pertinent to recall that following the arrest of Pankaj Nandlal Mehadia (45) by Economic Offences Wing (EOW) of Nagpur police in the Rs 8.16 crore investment fraud in last November, the Enforcement Directorate (ED) had started a probe on money laundering angle.
The ED has reportedly found dealing of Rs 875 crore in the accounts of five companies of Pankaj Mehadia and his associates. More than 450 entries of names have been found registered in the dubious companies. Most of the entries were made to turn black money into white money. The FIR in this matter was registered only after the ED probe confirmed the dubious dealings. Some of the entries are of some big names having entries of Rs 40-50 crore.
According to a report, Pankaj Mehadia, and other accused made dealings of investment worth Rs 875 crore through their companies named Mehadia Sales Trade Corporation, Mehadia Sales Trade Corporation Pvt Ltd, Nandlal D Mehadia, Lokesh Metalicks, Sadguru Enterprises, Nand Sons Logistics Ltd. In April 2017, Pankaj Mehadia and other accused declared themselves bankrupt before National Company Law Tribunal (NCLT) and pleaded they are unable to return money. They also submitted their balance sheets showing neither they can return money nor take money. Subsequently, an offence with Nagpur EOW was registered in November 2021.
