New Delhi, Apr 20 (IANS): The Enforcement Directorate (ED) on Wednesday said that they have attached an immovable property situated at New Delhi worth Rs 4.50 crore belonging to Sharan Svadha LLP in a case related to arms dealer Sanjay Bhandari and others.

The ED initiated the investigation under the Prevention of Money Laundering Act, against Pilatus Aircraft Ltd, Bhandari, Offset India Solutions Pvt Ltd (OISPL) and others based on the FIR registered by Central Bureau of Investigation (CBI) for commission of offence punishable under various sections of Indian Penal Code, and Prevention of Corruption Act.

During the course of investigation conducted by the ED, it was learnt that Pilatus Aircraft Ltd entered into criminal conspiracy with Bhandari, his partner Bimal Sareen and others for obtaining the contract of supply of 75 basic trainer aircrafts to the Indian Air Force.

"In pursuance of this conspiracy, kickbacks (proceeds of crime) of Rs 343 crore from Pilatus Aircraft Ltd, Switzerland were received in the bank accounts of the companies controlled by Sanjay Bhandari in India and UAE for influencing the process of contract in its favour," said the ED.

During the investigation under PMLA, it was found that part of this kickbacks were transferred to Sharan Svadha LLP, an entity beneficially owned by Sareen and his wife, for purchasing an immovable property in New Delhi which has been attached.