Lawstreet Journal

Assets Worth Rs. 384 crore of Rajiv Saxena Attached by ED

Lawstreet Journal 31 May 2020 12:42am

Image courtesy: Lawstreet Journal Business Assets Worth Rs. 384 crore of Rajiv Saxena Attached by ED

Under the Prevention of Money Laundering Act (PMLA) the Enforcement Directorate (ED) has issued provisional orders for attaching assets of $ 50.90 million or Rs 385.44 crore in the Agusta Westland Chopper scam and Moser Baer bank fraud case. 

The assets which have been attached include a villa in Palm Jumeirah, Dubai of about 20 million AED and balances in five Swiss Bank accounts amounting to $45.55 million of Rajiv Saxena, according to an official statement. 

The accused was deported to India from UAE on 31st January 2019 for his involvement in the case of Agusta Westland Chopper, scam, and was therefore arrested under the PMLA. Investigations initiated by the ED under PMLA based on separate FIRs registered by the CBI in the scam and the Moser Baer Fraud case revealed that Rajiv Saxena is a hawala operator and runs an accommodation entry business in Dubai through Group companies and has laundered proceeds of crime in these cases. 

Various structures for laundering the proceeds of crime had been created by Rajiv Saxena in the Agusta Westland case and by defrauding banks by mis-utilising the loans given Moser Baer India Ltd and its subsidiaries. 

The proceeds of crime and tainted funds of many high-profile and high net-worth individuals were managed by Rajiv according to a report by ED. A letter of Request to the Swiss Confederation was sent to restrain his Swiss Bank accounts in the case of Agusta Westland Helicopter scam and to ensure that Rajiv does not shift/ transfer/ dispose-off the… Continue Reading...

Tagged: Moser Baer   Agusta Westland Chopper   Enforcement Directorate  
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