Massive Rs 440 Crore Asset Attachment in Kwality Ltd. Money Laundering Case

The Enforcement Directorate has attached assets worth over Rs 440 crore in Delhi, Haryana, and Punjab related to a bank loan fraud involving former Kwality Ltd. promoters. Properties registered under 'dummy' companies tied to Siddhant Gupta and Sanjay Dhingra are part of the investigation into a Rs 1,400 crore loan fraud.

The Enforcement Directorate (ED) announced on Thursday that it has attached assets valued at more than Rs 440 crore across Delhi, Haryana, and Punjab. This action is part of an investigation into an alleged bank loan fraud and money laundering case linked to the former promoters of Kwality Ltd, a significant player in the dairy industry.

The assets attached include a 12,000 square yards farmhouse at DLF Chhatarpur, alongside residential properties in Vasant Vihar and Punjabi Bagh in Delhi. Additionally, residential plots in Karnal, Haryana, and Mohali, Punjab have been seized. The total valuation of these properties stands at Rs 442.85 crore, as per the agency's statement.

These properties, reportedly owned by former Kwality Ltd promoters Siddhant Gupta and Sanjay Dhingra, were held through 'dummy' companies, with individuals such as their driver and security guard listed as company directors. The ED's actions follow a November 2024 raid on 15 locations in the Delhi-NCR region related to the case. Originally driven by a September 2020 FIR from the CBI, the investigation has exposed significant discrepancies in the company's financial records and questioned the validity of sales and trade figures.

(With inputs from agencies.)