Interpol Publishes Silver Notice on ED Request to Trace Assets of Fugitive Businessman Karan Chanana

Days after one of the then directors of Amira Pure Foods Private Limited was declared a Fugitive Economic Offender by a special court in New Delhi, Interpol has published a Silver Notice against Karan A. Chanana at the request of the Enforcement Directorate (ED), which will help in tracing and freezing his assets worldwide, the ED said on Wednesday.Karan A. Chanana’s last known location was traced to the United Kingdom. On February 6, a special court declared Karan A. Chanana, then Chairman and Managing Director of M/s Amira Pure Foods Private Limited, and Anita Daing, then whole-Time Director of the company, as Fugitive Economic Offenders and directed confiscation of assets worth Rs 123.85 crore under the Fugitive Economic Offenders Act, 2018

(FEOA).“This declaration has been made on the basis of an application filed by the ED’s Gurugram Zonal Office before the Hon’ble Court seeking declaration of Karan A. Chanana and Anita Daing as Fugitive Economic Offenders under the FEOA, 2018. It is noteworthy that Interpol has recently published a Silver Notice against Karan A. Chanana at the ED’s request for tracing and freezing his assets worldwide,” the ED said in a statement on Wednesday.The ED’s money laundering case stems from a CBI FIR registered in connection with a banking fraud involving M/s Amira Pure Foods Private Limited, alleging that loan amounts were siphoned off and diverted, causing a wrongful loss of Rs 1,201.85 crore to a consortium of banks led by Canara Bank.“Amira Foods Group was engaged in the business of manufacturing and selling branded packaged food, especially Indian basmati rice,” the ED said.“From the perusal of the communication made to the Foreign Ministry and the subsequent efforts made by the High Commission of India in London and the Consulate General of India in Dubai, it is apparent that both respondents, being abroad, have refused to return to India to face criminal prosecution. They have also left India to avoid criminal prosecution. Notices in the present petition could not be served upon the respondents despite best efforts,” Special Judge Rajesh Malik said in his order.The ED’s investigation revealed that the Amira Foods Group had taken huge bank loans and cash credit facilities worth Rs 1,201.85 crore from a consortium of banks led by Canara Bank. However, the loan accounts turned into NPAs in 2017.The probe agency has also filed a prosecution complaint against 21 persons, companies, and entities. The federal probe agency has attached assets worth Rs 131.5 crore, which has been confirmed by the Adjudicating Authority.The ED’s Investigation further revealed that Karan A. Chanana and Anita Daing “fled India and are suspected to be residing in the United Kingdom and the UAE, respectively.”“The accused persons have been evading the process of law by staying outside the jurisdiction of Indian courts so as not to face criminal prosecution. Non-bailable warrants of arrest and Look-Out Circulars have been issued against the accused,” the ED said.Investigation into tracing other assets, including foreign assets of Karan A. Chanana and his family members, is in progress, officials said.