EOW and ARK Imports

ARK Imports Pvt. Ltd; located in the city of Ludhiana is a merchant and small scale manufacturer and exporter of polycarbonate, pellets and plastic granules and also manufactures wool. The company ARK Imports Pvt. Ltd. was registered on 23 June, 2011. ARK Imports Pvt. Ltd. currently has 3 Directors / Partners: Kailash Aggarwal, Rajni Aggarwal wife of Kailash Aggarwal and Anubhav Aggarwal; son of Kailash Aggarwal and Rajni Aggarwal.

ARK Imports is one of the major defaulters of NSEL owing Rs.719.50 crores to the commodities exchange. ARK Imports traded in goods which were supposed to be in their warehouse and received the money in lieu of sales and was found guilty by law. Economic Offenses Wing (EOW) is confident for ARK Imports; which is the first attachment order in the NSEL that the value of the properties attached will be sufficient for recovering investors’ money. “We have started attaching the properties of NSEL borrowers who have defaulted,” atop EOW officer said. “We have issued orders relating to at least 25 properties of the borrowers.” The same person added the process of seizure will take at least 15 days. Meanwhile, the EOW probe has revealed that some of the borrower companies have remitted money outside the country. “The books of accounts of a few companies show that money has been remitted overseas. We are sharing this information with the enforcement directorate for further probe,” the EOW officer said, asking not to be identified.

Despite of the property seized by the EOW, Kailash Aggarwal and Anubhav Aggarwal is out on bail. Recently Kailash Aggarwal submitted his medical tests that need to be carried out of India. MPID Court sought medical papers for the dire need of Kailash Aggarwal to travel to Singapore. MPID Court refused the tour as his son Anubhav Aggarwal is in Australia and he could abscond.