SVOGL Oil Gas & Energy Limited: The Enforcement Directorate (ED), Delhi Zonal Office, has taken significant steps in the investigation against alleged financial irregularities involving SVOGL Oil Gas & Energy Limited (SVOGL) and its promoters. On April 5, 2024, the Enforcement Directorate (ED) lodged a Prosecution Complaint (PC) with the Hon’ble Special Court (PMLA) in New Delhi against Padam Singhee, Prem Singhee, and others under the (Prevention of Money Laundering Act) PMLA, 2002.
The prosecution complaint stems from a thorough investigation launched by the Enforcement Directorate (ED) based on two FIRs filed by the Central Bureau of Investigation (CBI). These FIRs accuse SVOGL Oil Gas & Energy Limited, Max Tech Oil & Gas Services Pvt Ltd, Prem Singhee, Padam Singhee, and others of defrauding banks of Rs. 252 Crore and Rs. 65 Crore, respectively, through fraudulent activities.
ED’s investigation has revealed intricate details of how the accused siphoned off funds through various shell/dummy companies under the guise of expenses. Moreover, the promoters also made investments that were not related to the intended purposes of bank loans, indicating deliberate malpractice and financial misconduct.
One significant finding of the ED’s investigation is the acquisition of properties by Padam Singhee through shell companies at nominal rates. The structure of these companies was meticulously planned to evade detection by banks and enforcement agencies, with operations being carried out through dummy directors. Further analysis revealed numerous investments held by Padam Singhee for the benefit of himself and his family members.
In previous actions, ED conducted search operations on group entities/persons on 15-12-2023, resulting in the recovery of evidence related to fictitious transactions and dealings with shell entities. Subsequently, assets worth Rs. 58.82 Crore and immovable assets worth Rs. 57 Crore belonging to Padam Singhee were provisionally attached under the PMLA, 2002.
The Prosecution Complaint filed by the Enforcement Directorate seeks further legal action, including the confiscation of properties found to be involved in the alleged money laundering activities. This development underscores ED’s commitment to unraveling financial irregularities and holding perpetrators accountable under the law.
