Former Gujarat CM Shankarsinh Vaghela booked under money laundering charges

NEW DELHI: Enforcement Directorate (ED) on Wednesday registered a money laundering case against former Union Textile Minister and ex Gujarat CM Shankarsinh Vaghela and others including the then Chairman-cum-Managing Director of National Textile Corporation ( NTC) for sale of prime property in Mumbai allegedly at “throwaway prices” to a private company. Vaghela, a senior Congress leader, is the Leader of Opposition in the Gujarat Assembly.

CBI had named Vaghela in an FIR registered last year where it said former NTC CMD Ramachandran Pillai, R K Sharma then director and M K Khare, then senior manager for allegedly caused a loss of Rs 709 crore to the exchequer through the sale of NTC land in Parel. CBI had alleged that Vaghela overruled the decision of NTC officials and gave favours to the private company.

According to ED, Vaghela during his tenure as union textile minister in UPA-I tenure entered into a criminal conspiracy and transferred the land at Mumbai owned by National Textile Corporation to Hall and Anderson Limited, Kolkata in a wrongful manner, for a total consideration of Rs. 29.35 crores whereas the actual value of the land was much higher. An alleged loss of Rs. 709.27crores was caused to the government exchequer.”