Jaipur, Jan 7 The Enforcement Directorate (ED), Jaipur Zonal Office, has provisionally attached immovable properties worth Rs 2.67 crore (approx) under the Prevention of Money Laundering Act (PMLA), 2002, in connection with a large-scale fraud on the Indian Railways by M/s Vinayak Logistics India Pvt Ltd, M/s Vinayak Logistics, and their Proprietor/Director Pravesh Kabra, an official statement said on Wednesday.
The attachment follows an extensive investigation initiated on the basis of three FIRs registered by the CBI (SPE), Jaipur, and subsequent filing of charge sheets in the case.
According to the ED, the investigation revealed a premeditated criminal conspiracy in which the accused entities deliberately misdeclared high-freight commodities such as marble powder, waste marble powder and dolomite as low-freight items, including alum powder and putty.
This systematic manipulation was aimed at unlawfully reducing freight charges, resulting in substantial evasion of railway freight and GST, thereby causing significant loss to the Indian Railways and the public exchequer.
The ED further found that the accused routinely falsified freight booking records over a prolonged period to avail concessional freight rates.
The Proceeds of Crime (PoC), representing the wrongful gains from the fraud, have been quantified at Rs 16.15 crore. These illicit proceeds were subsequently siphoned off and layered into the personal bank accounts of Pravesh Kabra, indicating a clear intent to conceal and enjoy the proceeds of crime.
Further investigation under PMLA established that the laundered funds were used to acquire high-value immovable properties and to meet personal and business expenditures.
The properties provisionally attached include a four-storey commercial building and another commercial property located in Gurugram, Haryana, with a combined market value of Rs 2.67 crore.
Financial analysis revealed that the entire purchase consideration for the attached properties was paid from Kabra’s personal bank account, which functioned as a repository for the proceeds generated from the scheduled offences.
The ED said the action reflects its commitment to trace, attach and confiscate proceeds of crime and ensure that economic offenders do not retain assets acquired through illegal means.
Further investigation is underway to identify additional assets and persons involved in laundering the illicit proceeds.
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