Daijiworld Media Network - New Delhi
New Delhi, Feb 11: A special court under the Prevention of Money Laundering Act (PMLA) has declared Karan A. Chanana, chairman and managing director of Amira Pure Foods Private Limited, and whole-time director Anita Daing as fugitive economic offenders. The court has also ordered the confiscation of assets worth Rs 123.85 crore belonging to the accused individuals and associated companies.
The declaration was made under the Fugitive Economic Offenders Act (FEOA) following an application filed by the Enforcement Directorate’s (ED) Gurugram Zonal Office, according to an official statement released on Wednesday.
In a related development, Interpol has issued a Silver Notice against Chanana at the request of the ED to facilitate the tracing and freezing of his assets globally.
The ED’s investigation revealed that the Amira Foods Group, engaged in the manufacturing and sale of branded packaged food products, particularly Indian basmati rice, had secured substantial bank loans and cash credit facilities amounting to approximately Rs 1,201.85 crore. These loans were obtained from a consortium of banks led by Canara Bank and were subsequently classified as non-performing assets (NPAs) in 2017.
According to the agency, Amira Pure Foods Private Limited, along with its promoters, employees, and associates, allegedly engaged in fund diversion and siphoning, criminal misappropriation, breach of trust, cheating, and fraud. The actions are said to have caused a wrongful loss of around Rs 1,201.85 crore to the lending banks.
The ED identified multiple individuals and entities allegedly involved in money laundering activities linked to the case. A prosecution complaint has been filed against 21 persons and entities in connection with the alleged offences.
During the course of the investigation, the ED traced properties and assets believed to be proceeds of crime. The total value of assets attached so far stands at Rs 131.51 crore, and the attachments have been confirmed by the competent authority.
The probe under the FEOA further revealed that Chanana and Daing have left India and are believed to be residing in the United Kingdom and the United Arab Emirates, respectively. The agency stated that both individuals have been evading legal proceedings by remaining outside the jurisdiction of Indian courts. Non-bailable warrants and Look-Out Circulars have been issued against them.
The ED said that efforts are ongoing to trace additional domestic and overseas assets, including those linked to Chanana’s family members.