money laundering case: ED seizes the assets of MRPL DGM, wife in a money laundering case

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Assets worth Rs 2.14 crore of a deputy managing director of Mangalore Refinery and Petrochemicals Ltd (MRPL) and his wife have been seized under the anti-money laundering law in a case related to alleged possession of disproportionate assets, the ED said on Saturday. The culprit has been identified as Niranjan Gupta and his wife Priti Gupta.

MRPL is a Category 1 “miniratna” public sector company under the Ministry of Petroleum and Natural Gas with its head office at Mangaluru, Karnataka.

A temporary order under the Prevention of Money Laundering Act (PMLA) has been issued by the Enforcement Branch to seize two apartments in Kulai, Mangaluru and shares in the couple’s demat accounts.

“Niranjan Gupta and his wife Priti Gupta had made huge cash deposits into their bank accounts from unexplained sources in order to conceal the real nature with the intention of laundering money and used the proceeds of crime to acquire real estate and stocks,” the ED said in a statement.

The agency booked them after studying a CBI FIR which alleged that during the period of 2012-2018, the defendant (Niranjan Gupta) acquired huge assets in his name and in the name of his wife, which were disproportionate to his known sources of income, he said.

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