The Directorate of Enforcement (ED), Gurugram, has arrested two individuals – Ms. Aparna Puri and Rahul Sood, both directors and key managerial personnel of Amira Pure Foods Pvt. Ltd. (APFPL) – in connection with a Rs. 1,200 crore bank loan fraud case. The arrests were made on October 8, 2024, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. They were subsequently presented before the Special PMLA Court at Rouse Avenue, Delhi, which granted ED custody until October 11, 2024.
Background of the Case
The ED initiated its investigation following an FIR registered by the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code (IPC) against Amira Pure Foods Pvt. Ltd., Karan A. Chanana, Ms. Radhika Chanana, Ms. Anita Daing, Ms. Aparna Puri, Rahul Sood, and others. The accused were charged with fraud, criminal misappropriation, breach of trust, and cheating, leading to a wrongful loss of Rs. 1,201.85 crore to a consortium of banks led by Canara Bank.
Key Findings of the Investigation
The ED’s probe uncovered that several key individuals, including Karan A. Chanana, Ms. Anita Daing, Ms. Radhika Chanana, and Rajesh Arora, have fled India. Karan Chanana, head of the global rice brand Amira, operates businesses in multiple countries, including the US, UK, UAE, Germany, and Mauritius.
Earlier in the case, during search operations, the ED seized incriminating documents and undisclosed cash amounting to Rs. 1.01 crore. Additionally, the ED provisionally attached immovable assets belonging to the Amira Group of companies, Rahul Sood, and others, totaling Rs. 131.5 crore. These assets include large land parcels in Karnal and Faridabad (Haryana) and residential houses in New Delhi and Gurugram, all linked to former directors and associated companies of the accused. Click here to read more Bank Fraud cases.
Diversion of Loan Funds
The ED investigation revealed that the accused entities, in collusion with each other and other related/unrelated entities, illegally diverted loan funds sanctioned by the consortium of banks. These funds were transferred to the accounts of various shell companies, operated by dummy directors, and passed through entry providers under the guise of genuine business transactions. Investigations into assets held in the UK and UAE in the names of family members and related entities are ongoing.
Current Status
The ED continues its investigation into the case, and further developments are expected as the inquiry progresses. The case is significant in light of the large-scale bank fraud and its international connections, with potential ramifications for the global operations of the accused. Further investigations are in progress. Click here to read more Bank Fraud cases.
