New Delhi, Jan 8 (.) The Enforcement Directorare (ED), Ahmedabad Zonal Office, on Thursday said they had attached properties worth Rs. 4.92 crore of Dhirubhai Bababhai Sharma, former Field Supervisor, Gujarat Land Development Corporation, Anand, Gujarat, charged with possession of disproportionate assets.
The attached properties include commercial shop, residential house, agriculture land, Jalashray Resort at Nadiad, Gujarat.
The ED initiated PMLA investigation against Sharma on the basis of an FIR registered by ACB Police Station, Anand under Sections 13(1)(b) and 13(2) of the Prevention of Corruption Act, for possession of disproportionate assets amounting to Rs. 8.04 Crore (354.56%) in excess of his known sources of income during the period 01.04.2006 to 31.03.2018.
Dhirubhai Bababhai Sharma, his family members, and their company, Jalashray Resort Pvt. Ltd., had collectively taken secured/unsecured loans. During the investigation, it was found that the repayment of loans availed was primarily made through cash deposits in various bank accounts.
Instead of using conventional banking channels, large amounts of cash were deposited into their accounts, which were then immediately transferred to Krishna Finance as loan repayments.
This pattern indicates a classic money laundering technique, where illicit funds were first introduced into the banking system through cash deposits and then used to settle financial liabilities, thereby obscuring their origin. Additionally, some of the repayments were routed through multiple accounts, further complicating the financial trail and raising suspicions of money laundering to conceal the true source of money.
Jalashray Resort Pvt. Ltd. was established on February 1, 2012 by the son and wife of Dhirubhai Sharma on a 52 Guntha land purchased in 2007 for Rs. 5.40 Lakh.
Dhirubhai Sharma and his family also availed Rs. 1.19 crore in the form of an unsecured loan during 2015-2020 for the development of the resort. The resort’s development was financed through a combination of loans, cash deposits in bank accounts, and transfers from various sources, including funds received from M/s Preya Services, an entity having 50% stake of the daughter-in-law of Dhirubhai Sharma.
Further, Dhirubhai Sharma has LIC and Max Life Insurance Policies in the name of himself and family members, and had made premium payments in cash and later on maturity amounts of these policies were transferred into his personal savings account.
. ATK SAS RB 1854