A special PMLA court has labeled Karan A. Chanana, Chairman, and Managing Director of Amira Pure Foods Private Limited, along with Whole-Time Director Anita Daing, as fugitive economic offenders. The court has directed the confiscation of assets valued at Rs 123.85 crore linked to the accused individuals and companies. This action was taken under the Fugitive Economic Offenders Act (FEOA) based on a petition submitted by the Enforcement Directorate’s Gurugram Zonal Office.
Interpol has issued a Silver Notice against Chanana at the Enforcement Directorate’s request to locate and freeze his assets globally. Investigations by the Enforcement Directorate disclosed that the Amira Foods Group, dealing in branded packaged food like Indian basmati rice, obtained substantial bank loans amounting to about Rs 1,201.85 crore from a bank consortium, primarily led by Canara Bank, which later turned into non-performing assets (NPAs) in 2017.
The probe revealed that Amira Pure Foods Private Limited, through its stakeholders and associates, engaged in fraudulent activities such as fund diversion, misappropriation, breach of trust, cheating, and causing financial losses of around Rs. 1201.85 crore to the banking consortium. The Enforcement Directorate identified the individuals and entities involved in money laundering offenses and filed a prosecution complaint against 21 parties in connection with this case.
Assets identified as proceeds of crime in the investigation amount to Rs 131.51 crore, as confirmed by the relevant authority. Under the Fugitive Economic Offenders Act investigation, it was found that Chanana and Daing have absconded from India and are believed to be residing in the United Kingdom and the United Arab Emirates, respectively. Both accused have evaded legal proceedings by staying outside India’s jurisdiction to avoid facing criminal charges. Authorities have issued non-bailable arrest warrants and Look-Out Circulars against them.
Ongoing investigations are focused on tracing additional assets, including foreign holdings of Chanana and his family members.
