P.D Agro Siphoned Off Defaulted Money in Real Estate

Haryana based PD Agro Pvt Ltd., promoted by Mr. Surender Gupta and wife Sheetal Gupta, owns a popular brand called ‘DUNAR’ rice. The brand ‘DUNAR’ is a well established brand in the market. In the name of ‘DUNAR’, the company delivers a range of basmati rice products across the globe. The brand is endorsed by celebrity couple Anupam Kher and Kiron Kher on T.V.C .Having said all this, it is shocking to know that PD Agro is the third largest defaulter of Rs.674.05 cr. in the NSEL case. The firm, traded on the exchange on behalf of Dunar Foods Ltd., PD Agro Pvt Ltd is accused in several  cases by various investigating agencies. The Investigating officers of ED, EOW , Mumbai Police are already in action. The Enforcement Directorate (ED) has attached properties worth Rs. 50 crore of a defaulting firm in connection with its money laundering probe in National Spot Exchange Ltd (NSEL) crisis.

Sheetal Gupta

According to various media reports ED had identified the assets and immovable properties of the firm after it searched few premises and went through the records prepared by the Mumbai Economic Offence Wing (EOW) prepared in this regard. The ED had registered a case under the Prevention of Money Laundering Act (PMLA)  to probe laundering charges against the officials of the stock exchange and other individuals. On March 7, 2014, The economic offenses wing (EOW) arrested Surendra Gupta, MD of Dunar Food, for his alleged role in the Rs 5,600 crore NSEL crisis.

The ED official said, "Our investigations have revealed that more than Rs.30 crores were siphoned off in order to purchase a real estate project namely Prime City developed by Prime Zone Developers Pvt Ltd at Assand, District - Karnal." "Investigations also revealed that P D Agro diverted NSEL investor funds to Dunar Foods. Funds to the tune of Rs.300 crores have been found to be channelized into the business activities of Dunar Foods, mainly for purchase of paddy and for servicing the existing loans," said the ED official. Sheetal Gupta was trying to escape to Dubai from Delhi airport on 9th Feb 2015, where she was  detained by Mumbai EOW for further Investigations. She was later brought to Mumbai and is apparently the first women to be arrested among the 24 NSEL Defaulters.