Mumbai: The Enforcement Directorate (ED) has attached assets worth Rs 25.3 crore of former top executives of HUF India Pvt Ltd, a German company’s subsidiary, as part of their money laundering probe.
According to Tuesday’s ED press release, “The attached properties comprised 24 immovable properties which were in the name of two ex-employees of HUF India Pvt Ltd, namely Sunil Kumar Garg (ex-MD), Nikhil Agarwal (ex-Finance Head), their family members, firms.”
The investigation began following an FIR at Pune’s Chakan police station, based on current MD Sandeep Choudhary’s complaint that the two former senior executives had misappropriated Rs 139 crore of company funds.
The ED’s investigation showed that from 2010 to 2020, both executives collaborated to deceive the company through manipulation of purchase orders, creation of false invoices, and disbursement of funds to vendors without receiving goods or services.