The Enforcement Directorate (ED) has attached immovable properties worth Rs. 93.84 crore acquired under Prevention of Money Laundering (PMLA).
Directorate of Enforcement(ED), Patna Zonal Office has arrested Punj Kumar Singh, ex Director and syndicate member of M/s Broadson Commodities Pvt. Ltd. on 19.09.2024 for offences of Money Laundering related to illegal sand mining under the provisions of Prevention of Money Laundering Act (PMLA), 2002.
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Illegal Sand Mining
ED initiated investigation on the basis of 20 FIRs registered by Bihar Police under various sections of IPC, 1860 and Bihar Mineral (Concession, Prevention of Illegal Mining, Transportation & Storage) Rule, 2019 against M/s Broadson Commodities Pvt. Ltd. and others. It is alleged that M/s Broadson Commodities Pvt. Ltd. has been involved in illegal sand mining and selling of sand without using the departmental Pre-paid transportation E-Challan, issued by the Mining Authority, Bihar and has caused huge revenue loss to the extent of Rs. 210.68 Crore to the Government Exchequer.
ED investigation revealed that the illegal sale of sand and its mining was mainly controlled by a syndicate. Punj Kumar Singh, being syndicate member, generated huge Proceeds of Crime (POC) through M/s Broadson Commodities Pvt. Ltd. by illegal sale of sand and was also involved in layering and laundering of the proceeds.
Earlier in this case, residential premises of Punj Kumar Singh were searched by ED in the month of March. Punj Kumar Singh was evading ED’s summonses and was not joining investigation since then.
It is pertinent to mention here that till now 9 persons including syndicate members, Directors of M/s Broadson Commodities Pvt. Ltd. and their associates have been arrested by ED in this case. ED has also provisionally attached 7 immovable properties to the extent of Rs. 93.84 Crore acquired by syndicate members under the PMLA, 2002.
Further investigation is under progress.
