New Delhi, Jan 19 (IANS) The ED attached a Rs 32 crore apartment in Gurugram belonging to a company which bought it using loan funds illegally diverted from an associate company, an official said on Monday.

The Enforcement Directorate (ED), Headquarters Investigation Unit (HIU), New Delhi, issued a Provisional Attachment Order (PAO) under the provisions of the PMLA, 2002, attaching Apartment No. 1516B, The Magnolias, DLF City Phase-V, Wazirabad, Gurugram, Haryana, registered in the name of Anvi Power Investment, worth Rs 32.28 crore.

The PMLA investigation revealed that this property was acquired by Anmol Singh Jaggi, chairman and key promoter of the Gensol Group, and utilising funds diverted from Gensol Group company Matrix Gas and Renewables, the ED said.

The ED initiated an investigation against Matrix Gas and Renewable (Matrix) and others based on an FIR registered by the Central Bureau of Investigation, Special Task Branch, New Delhi, based on the complaint filed by Mecon.

Investigation by the federal agency revealed that the Ministry of New and Renewable Energy (MNRE) allocated government funds for the implementation of pilot projects in the Steel Sector in India for using green hydrogen for the iron and steel making process through the Ministry of Steel under the National Green Hydrogen Mission (NGHM).

In order to implement the pilot projects, the Ministry of Steel appointed ECON Limited as the Scheme Implementing Agency (SIA). Matrix Gas and Renewables emerged as the successful bidder, and initially, 20 per cent of the approved government grant amounting to Rs 32.28 crore was disbursed to Matrix Gas and Renewables Ltd.

The ED investigation revealed that instead of using the disbursed public funds for the pilot project, Matrix Gas and Renewables had dishonestly and fraudulently diverted the entire amount through a series of layered transactions across a web of corporate entities under the control of Anmol Singh Jaggi, to conceal the source and finally utilised for the personal enrichment of the promoters and for other activities of Gensol group.

Investigation also revealed that the funds of Matrix Gas and Renewables were diverted to acquire the above-attached luxury property in the name of a group company, and the same being Proceed of Crime has now been provisionally attached by the ED, an official said.

–IANS

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