Chase insolvency cases with large 'haircuts', Ed chief tells officers
ew Delhi, Sept. 17 -- Enforcement Directorate chief Rahul Navin has asked all his teams to focus on unearthing frauds in insolvency cases involving disproportionately large "haircuts" through which promoters re-acquire assets, a statement by the agency said on Tuesday.
At a two-day quarterly conference that started Monday, he asked ED officers to identify red flags and initiate money laundering investigations against "masterminds" in such cases, and raised the issue of state police forces not filing cases on agency's references.
He recommended the creation of joint teams with state police as well as using police's powers under the BNSS to attach properties. Navin also ordered a review of ED's requests related to international cooperation, extradition and fugitive "management".
The directive on haircuts comes days after a controversy broke out over a NCLT order approving Zee founder Subhash Chandra's repayment plan of only Rs.6.5 crore for loans he gave personal guarantee against admitted claims of Rs.22,000 crore.
The decision was stayed by a larger NCLT bench....
To read the full article or to get the complete feed from this publication, please
Contact Us.