New Delhi [India]: The directorate of enforcement on Wednesday said it has attached one immovable property situated in New Delhi valued at Rs 4.50 crore belonging to Sharan Svadha in the case of Pilatus Aircraft of Switzerland, Sanjay Bhandari and others.
ED initiated the investigation under the Prevention of Money Laundering Act, 2002, against Pilatus Aircraft of Switzerland, Sanjay Bhandari, Offset India Solutions (OISPL) and others based on the first information report (FIR) registered by the Central Bureau of Investigation (CBI) for the commission of offence punishable under various sections of Indian Penal Code, 1860, and Prevention of Corruption Act, 1988. During the course of the investigation conducted by ED, it was revealed that Pilatus Aircraft of Switzerland entered into a criminal conspiracy with Sanjay Bhandari, his partner Bimal Sareen and others for obtaining the contract of supply of 75 basic trainer aircraft to Indian Air Force under the Ministry of Defence.
In pursuance of this conspiracy, commission of Rs 343 crore from Pilatus Aircraft were received in the bank accounts of the companies controlled or beneficially owned by Sanjay Bhandari in India and UAE for influencing the process of contract in its favour.
During the investigation under Prevention of Money Laundering Act (PMLA), it is found that part of this commission was transferred to Sharan Svadha — an entity beneficially owned by Bimal Sareen and his wife — for purchasing an immovable property in New Delhi which has been attached. The case is further being investigated, the agency said.
