The 61-year-old Rajya Sabha member and businessman was arrested under sections of the Prevention of Money Laundering Act (PMLA) from his residence in the Defence Colony area.
ED probing money laundering charges in case against IFFCO MD
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Case pertains to alleged import of fertilizers and raw materials at inflated rates
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Case pertains to alleged import of fertilizers and raw materials at inflated rates
The Enforcement Directorate is probing money laundering charges in connection with a case recently registered by the Central Bureau of Investigation against the Indian Farmers Fertiliser Co-operative Limited (IFFCO) managing director and others for alleged import of fertilizers and raw materials at inflated rates.
“Well before the CBI instituted the case, we had launched an inquiry under the Foreign Exchange Management Act in the same matter and have gathered substantial evidence related to the fertilizer scam,” said a senior ED official.
India s federal police investigate bosses of two fertiliser companies Toggle share menu
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India s federal police investigate bosses of two fertiliser companies
A farmer spreads fertiliser mixed with potash in his paddy field on the outskirts of Ahmedabad, India, on Jul 13. 2017. (File photo: REUTERS/Amit Dave)
20 May 2021 10:40PM (Updated:
24 May 2021 07:11AM) Share this content
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MUMBAI: Indian authorities have opened an investigation into the heads of two leading fertilizer importing companies, alleging they secured commissions from overseas suppliers for inflating the prices of crop nutrient purchases.
The Central Bureau of Investigation (CBI), India s top crime fighting agency, said late on Wednesday it was investigating US Awasthi, managing director of Indian Farmers Fertilizer Cooperative (IFFCO), and Pravinder Singh Gahlaut, the managing director of Indian Potash (IPL).