New Delhi [India], November 12 : The Directorate of Enforcement (ED) arrested Manoharlal Satramdas Agicha, Chairman of Associate High-Pressure Technologies Private Limited (AHPTPL) earlier this week under the provisions of Prevention of Money Laundering Act, 2002, in an alleged bank fraud case, the agency said in a statement on Sunday.
The case prima facie caused wrongful loss to the tune of Rs 149.89 crore to the bank.
Manoharlal Satramdas Agicha was produced before the Special PMLA Court, Mumbai and the Court has granted his custody to the ED for three days.
The ED had initiated an investigation on the basis of an FIR registered by CBI under various sections of the Indian Penal Code, 1860 and Prevention of Corruption Act, 1988 against Associate High-Pressure Technologies and its directors or shareholders.
The enforcement agency investigation revealed that the loan amount was illegally diverted by way of fictitious Inland Letters of Credit, bogus unsecured loans and commissions to related entities along with other methods. In this case, nine searches had already been conducted by ED in Mumbai, Ahmedabad, Kandla, and Pune.
Ramchand Kotumal Issrani, Managing Director of AHPTPL, was earlier arrested by ED on August 8 and currently, he is in judicial custody. One prosecution complaint has also been filed in this case on October 4, 2023.
"Manoharlal Satramdas Agicha had been absconding during the investigation under PMLA,2002 and has not appeared before ED despite numerous summons hindering the investigation. Meanwhile, Intelligence was being gathered for some time to trace Manoharlal after he had been changing phones and sim cards frequently. Finally, on 10.11.23 a residential premise in Pune was searched where the said person had been hiding to abscond from the criminal proceedings. On being found on the premise, he was arrested u/s 19 of PMLA, 2002," ED said, adding further investigation is under progress.
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