Gurugram: The Enforcement Directorate on March 31, 2025 said it has attached assets worth about Rs 95 crore as part of a money laundering investigation against a Gurugram-based real estate company and its promoter on charges of duping more than 950 homebuyers.
The assets, located across Delhi, Mumbai, Gurugram, and Rohtak of value worth 156 crore to include over 20 acres of commercial land, 4 acres of agricultural land in Rohtak and Gurugram, and four commercial flat-cum-office units in Mumbai and Delhi have been attached by the Enforcement Directorate (ED) of Haryana-based screw manufacturer in Rs 176 crore loan default case. The Enforcement Directorate has provisionally attached 12 immovable assets worth Rs 156.33 crore belonging to Messrs Lakshmi Precision Screws Ltd, a Haryana-based company, in connection with a Rs 176.70 crore bank loan default case involving Canara Bank and State Bank of India. The assets, located across Delhi, Mumbai, Gurugram, and Rohtak, include over 20 acres of commercial land, 4 acres of agricultural land in Rohtak and Gurugram, and four commercial flat-cum-office units in Mumbai and Delhi. The attachment was made under the Prevention of Money Laundering Act (PMLA), 2002.
The ED action followed FIRs filed by the Central Bureau of Investigation (CBI) against the company and its promoters: Lalit Kmar Jain, Rakesh Kumar Jain, Vijay Kumar Jain, and others under IPC Sections 120B and 420 for criminal conspiracy and cheating. The company was incorporated in 1968 and later converted into a public limited firm, is one of the country’s leading manufacturers of high-tensile fasteners with its registered office in Rohtak. According to ED findings, the company manipulated its finances to obtain inflated credit limits, misappropriated public funds, and diverted bank loans through fictitious transactions. It also submitted fake stock statements and replaced mortgaged properties without informing the banks from whom money was taken.
The CBI, had filed a chargesheet in October 2024, uncovered that the firm used fake debtor claims to fraudulently increase its drawing power under a cash credit limit sanctioned in April 2013. A subsequent stock audit revealed a shortage worth Rs 214.95 crore. The investigation also revealed fraudulent letters of credit, bogus purchases, and unauthorised bank accounts used to divert over Rs 32 crore. Investigation also revealed that a forensic audit also exposed major lapses in the company’s financial records, raising concerns about its operational transparency.
