Nagpur, February 26: The Enforcement Directorate (ED) has taken significant action in Nagpur, temporarily seizing assets worth ₹3.35 crore linked to Sachin Shatrughan Pandey and his family under the Prevention of Money Laundering Act, 2002. The seized assets include three commercial shops and two plots of land totaling 10.37 acres. This action was based on findings from a preliminary investigation.
The ED initiated its probe following First Information Reports (FIRs) filed under various sections of the Indian Penal Code at the Dhantoli and Sitabardi police stations in Nagpur. Sachin Pandey and his associates are accused of engaging in criminal activities. The investigation revealed that Pandey and his wife, Khushi Pandey, had no legal stake in two properties in Nagpur, yet they entered into an agreement related to these properties with the complainant. When the formal transfer of the property did not occur, the accused executed a cancellation agreement promising to return the money by March 31, 2013.
However, according to the investigating agency, the accused deliberately failed to comply with the terms of the agreement and did not return ₹2.2 crore to the complainant, using the amount for personal gain, which caused financial loss to the complainant.
The investigation also uncovered that Sachin Pandey and his associates misled Chandraprakash Wadhwani into securing an unsecured foreign loan of ₹18 crore through their company, M/s Luft International Private Limited. They allegedly collected ₹1.2 crore in cash as margin money under the pretext of arranging the loan. The promised loan was never delivered, nor was the amount returned, resulting in an additional loss of ₹1.2 crore to the complainant.
Furthermore, the investigation under the Prevention of Money Laundering Act revealed that a portion of the funds received by the accused was deposited into bank accounts of themselves, their family members, and associated companies. Approximately ₹90 lakh was invested in purchasing a flat in a Pioneer Group project, ₹20 lakh was transferred to the account of associate Swarnim Jaykumar Dixit, and over ₹70 lakh was spent on daily personal expenses. Some funds were also used for the medical treatment of the accused’s wife in India and abroad, as well as for purchasing other real estate. The investigation is ongoing.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.