The Enforcement Directorate has attached assets worth ₹146.67 crore of Future Metals Private Limited (FMPL) and Future Exim India Private Limited (FEIPL) in connection with a fraud case.
The attached immovable properties are located in Maharashtra, Punjab, Delhi, Gujarat, Bangalore and Bellary.
The money laundering probe is being conducted by the ED on the basis of a First Information Report registered by the Bengaluru and another case instituted by the Central Bureau of Investigation against the accused persons.
The probe revealed that FMPL and FEIPL had approached STCL, a fully owned subsidiary of the State Trading Corporation of India Limited, for facilitating merchandise trade.
They entered into tripartite agreements along with overseas buyers and sellers for export and import of copper and nickel.
FMPL and FEIPL signed the agreements guaranteeing the payment to be made by the overseas buyers. However, as alleged, the two companies did not honor the commitment.
Naveen Sriram, chairman of FMPL and FEIPL, and their managing director, Sudheer Sriram, had also executed a deed of personal and corporate guarantee in favour of STCL.
Accordingly, STCL established irrevocable Letters of Credit, which devolved due to non-payment by overseas buyers that was guaranteed by FMPL and FEIPL. This caused a wrongful loss of $249.572 million to STCL.
Earlier, in 2018, the ED had attached assets worth ₹39 crore in the same case. A charge sheet was also filed against the accused persons.
