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ED initiated investigation on the basis of an FIR registered by the Central Bureau of Investigation, Anti-Corruption Branch (ACB), Chandigarh against Jaswant Singh, M/s Tara Corporation Limited and others.
ED, Jalandhar Zonal Office has filed Prosecution Complaint (PC) on January 5, 2024, before the Special Court (PMLA), Mohali against Jaswant Singh and six other accused persons including three companies in the case of M/s Tara Corporation Limited and others in connection with a Bank Fraud case of Rs 40.92 Crore.
The Special Court PMLA Mohali has taken cognizance of the Prosecution Complaint on March 18.
ED initiated investigation on the basis of an FIR registered by the Central Bureau of Investigation, ACB, Chandigarh against Jaswant Singh, M/s Tara Corporation Limited and others.
As per the ED document with the court, ED investigation revealed that the loan amount of Rs. 40.92 Crore availed by M/s Tara Corporation Limited through criminal conspiracy and cheating had been diverted to various bogus firms from Tara Corporation Limited and thereafter integrated into Tara Health Food Limited (M/s THFL) and M/s Tara Sales Limited. Further, amounts to the extent of Rs. 3.12 Crore had been diverted to the personal accounts of Jaswant Singh besides Rs. 33.99 Crore to M/s THEFL.
ED in its prosecution complaint has alleged that ED had attached immovable property worth Rs 35.10 Crore used in the commission of offence of Money Laundering. Previously, ED had arrested Jaswant Singh Gajjan Majra, MLA (AAP) from Punjab, former Director of Tara Corporation Limited and Tara Health Food Limited on November 6, 2023 under the provisions of PMLA, 2002. He is still in Judicial Custody of Special Court, PMLA, Mohali. Further investigation is under progress.
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