NSEL DEFAUTER : P.D AGRO PROCESSORS

OUTLINE

INTRODUCTIONPRODUCTS BRIEFSHEETAL GUPTA ARRESTPROBED AGAINST

P.D.AGROPROCESSES

INTRO

P.D Agroprocessors Pvt Ltd led by Surendra Gupta and his wife Sheetal Gupta.

Dunar food ltd, which owns the brand, was launched in 1956 but the brand itself was only launched in 2008 in the domestic market and 2011 in the international markets.

The brand DUNAR is well established brand in the market and the company delivers a range of basmati rice products across the globe.

PRODUCTS

Dunar Food Pvt Ltd. has rice manufacturing plants at karnal(Haryana), Amritsar(Punjab),Bhopal(Madhya Pradesh) & Rudhrapur(Uttar Pradesh) .

Dunar Food Pvt Ltd is a major player of branded Basmati Rice in the local as well as global markets.

DUNAR is one of the largest processor and exporter of Indian Basmati rice producing above 360,000 Mt.

PRODUCTS

THE BRAND IS ENDORSED BY FAMED CELEBRITIES ANUPAM KHER AND HIS WIFE KIRON KHER ON T.V.C FOR DUNAR BASMATI RICE.

SHEETAL GUPTA ARREST

Sheetal Gupta wife of PD Agro’s Promoter Surendra Gupta was arrested by EOW,Mumbai branch.

Sheetal Gupta was brought to Mumbai for further enquiries in NSEL Defaulting amount 656.54 Cr.

On 13th Feb 2015 Sheetal Gupta Judiciary Custody was extended Till 27th Feb 2015.

PROBE AGAINST P.D AGRO

The Enforcement Directorate (ED) has attached properties worth Rs. 50 crore of a defaulting firm in connection with its money laundering probe in National Spot Exchange Ltd (NSEL) crisis.

The ED had registered a case under the Prevention of Money Laundering Act (PMLA) to probe laundering charges against the officials of the stock exchange and other individuals. On 7th march 2014.

The economic offenses wing (EOW) arrested Surendra Gupta, Managing Director of Dunar Food, for his alleged role in the Rs 5,500 crore NSEL crisis.

EOW AND ED CASE

The economic offenses wing (EOW) arrested Surendra Gupta, MD of Dunar Food, for his alleged role in Rs 5,500 crore NSEL crisis.

The ED official said, "our investigations have revealed that more than Rs.30 crores were siphoned off in order to purchase a real estate project namely Prime City developed by Prime Zone Developers Pvt Ltd at Assand, District – Karnal.

CONTD….

Investigations also revealed that P D Agro diverted NSEL investor funds to Dunar Foods.

ED official said that, Funds to the tune of Rs.300 crores have been found to be channelized into the business activities of Dunar Foods.

The money was trolled into the purchase of paddy and for servicing the existing loans.