Enforcement Directorate Seizes Over ₹94 Crore from Foreign Accounts in Amira Pure Foods Case

Global Asset Freeze Targeting Overseas Accounts

The Enforcement Directorate (ED) has executed a provisional attachment of ₹94.76 crore held in Bank of Singapore accounts. These funds are linked to Karan Chanana, Amira Foods Pte. Ltd., and Ananntya Pte. Ltd. To secure these assets, the agency utilized the Mutual Legal Assistance Treaty (MLAT) with Singapore and the United Kingdom, marking a significant step in tracing the financial trail of the Amira Pure Foods Private Limited money-laundering investigation.

Key Facts

• The investigation stems from a CBI First Information Report alleging a ₹1,201.85 crore loss to a Canara Bank-led consortium.
• A Delhi court recently declared Karan Chanana and Anita Daing as fugitive economic offenders on February 6.
• Current seizures follow an earlier attachment of assets valued at ₹131.51 crore.
• The court has ordered the confiscation of 46 properties in Faridabad and Karnal, Haryana, estimated at ₹123 crore.
• The ED has filed prosecution complaints against a total of 21 individuals and corporate entities.

Background of the Alleged Fraud

Amira Pure Foods, a major player in the branded basmati rice market, saw its loan accounts transition into non-performing assets as early as 2007. Investigators claim the company’s directors and promoters orchestrated a scheme involving the diversion and siphoning of capital, criminal breach of trust, and cheating. As the probe deepened under the Fugitive Economic Offenders Act, authorities confirmed that Chanana and Daing had fled India to reside in the United Kingdom and the United Arab Emirates, respectively. Their failure to return led to the issuance of non-bailable warrants and the move to seize their immovable properties and foreign holdings.

What Happens Next

With the declaration of the primary accused as fugitives, the agency is pursuing the full confiscation of domestic real estate and international liquid assets. The ED continues to monitor the movement of capital through various overseas entities to recover the remaining balance of the ₹1,201.85 crore owed to the lending consortium.

Source: The Hindu — National