Overview
- Investigators said 11 immovable assets tied to Jayshri Gayatri Food Products and managing director Kishan Modi were provisionally attached under the PMLA, valued at Rs 20.59 crore.
- Kishan Modi was arrested on March 13, remanded to ED custody through March 18, and was sent to judicial custody on March 18.
- ED alleges the company substituted milk fat with palm oil and other chemicals and used forged reports to secure Export Inspection Agency clearances in Indore, with 63 fake certificates identified.
- About Rs 20.59 crore in export proceeds have been classified as proceeds of crime, with funds received in Axis Bank and HDFC Bank accounts; earlier ED action froze fixed deposits worth Rs 6.29 crore.
- Exports based on the disputed reports reached buyers in Bahrain, Hong Kong, the UAE, Singapore, Qatar and Oman, and investigators say layering involved shell firms and a Dubai entity as the probe continues.