Companies

Agribiotech under ED scanner for ₹8.3 cr illegitimate profit

Our Bureau New Delhi | Updated on July 02, 2020 Published on July 02, 2020

Rajasthan-based Agribiotech Industries is under the Enforcement Directorate scanner for violating pollution norms.

In a press statement, the ED said while the company had permission for production of Extra Natural Alcohol (ENA) and Rectified Spirit amounting to 45,000 litres per day, it was producing more than 65,000 litres per day thus resorting to illegal excess production of 1,38,08,304 litres during the period between December 2007 and July 2012.

“The company generated illegitimate profit of ₹8.3 crore over the period. Investigations also revealed that the company was not maintaining ETP mechanism as envisaged under the board guidelines, thereby resulting in an illegitimate gain of ₹8,20,285,” the statement said.

Accordingly, the ED has attached proceeds of crime amounting to ₹8.38 crore, in the form of immovable property situated at SP-156, RIICO Industrial Area, Ajitgarh, Sikar.

The ED has filed a prosecution complaint under Prevention of Money Laundering Act, 2002 (PMLA) before the Jaipur special court in a money laundering case relating to Water (Prevention and Control of Pollution) Act, 1974 and the Environment (Protection) Act, 1986. “The prosecution complaint has been filed against three accused — Agribiotech Industries Ltd., Ajitgarh and its Managing Directors namely Girdhar Gopal Bajoria and Ashutosh Bajoria,” the statement added. .

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Published on July 02, 2020
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