Last month, the Enforcement Directorate (ED) seized assets worth Rs 90.31 crore from Gurugram-based Educomp Professional Education Ltd under the Anti-Money Laundering Act. money in connection with an alleged bank loan fraud case.
An interim asset seizure order has been issued under the Prevention of Money Laundering Act (PMLA) against Educomp Professional Education Ltd, an Educomp Group company, it said in a statement.
Singaporean liquidator Wong Joo Wan said on Saturday he was investigating the alleged sale of certain assets of Educomp Asia Pacific (in compulsory liquidation) since June 30, 2017, as well as the movement of funds from the company’s bank accounts with of State Bank of India and OCBC Bank of Singapore before the commencement of liquidation.
The plaintiff creditors of Educomp Asia Pacific, linked in the same name as the Indian entity through joint administrators, are Raffles Education Investment (India) Pte Ltd of Singapore and Raffles Design International India Pvt Ltd.
These two companies belong to the Singaporean education group whose Indian partnerships collapsed due to the inability of borrowers to pay debts estimated at several million Singapore dollars.
Wong said he was looking at several alternatives to determine the exact amount of debt, including S$34.7 million as the book value of US-based Learning Internet Inc, a company in the Educomp Asia Pacific online learning network.
Legal experts believe that the shares of Learning Internet have been pledged for borrowing from the SBI.
Although the former directors left Educomp Asia Pacific in December 2016, they are still responsible for the assets of the Singapore-registered company which had business ties to India for setting up the training center, experts believe.
The ED money laundering case against the group stemmed from an FIR filed by the Central Bureau of Investigation (CBI) against the accused company and its promoters.
The group was promoted by IIM Ahmedabad through Shantanu Prakash and is undergoing a corporate insolvency resolution process.