New Delhi [India], March 28 : The Directorate of Enforcement (ED) has attached an immovable property valued at Rs 70 lakh in a bank fraud case involving Jasleen Enterprises headquartered in Hyderabad.
The Hyderabad division of the ED attached the fixed asset in accordance with the stipulations outlined in the Prevention of Money Laundering Act (PMLA) of 2002.
ED initiated investigation on the basis of First Information Report registered by the Central Bureau of Investigation's Economic Offence Wing in Chennai under various sections of Indian Penal Code, 1860 and Prevention of Corruption (PC) Act, 1988 against Jasleen Enterprises and others on the basis of complaint filed by Union Bank of India for diversion of loan amount to the tune of Rs 12 crore.
ED investigation revealed that Jasleen Enterprises obtained loan in the form of cash credit facilities by submitting forged and fabricated documents to Union Bank of India and then diverted the said loan amount to their sister concerns or related entities and in the personal bank accounts of the partners in contravention to the conditions of the lender bank.
"Due to such act of diversion of loan amount on the part of Jasleen Enterprises, the loan account turned NPA (Non-Performing Asset," said the ED.
ED investigation further revealed that Ranbeer Singh Gandhi, partner of Jasleen Enterprises and Managing Director of Amrik Furnitures Limited, was the main person behind the submission of forged and fabricated documents on the strength of which loan was sanctioned.
Further, the ED said, Jasleen Enterprises diverted the loan funds in the accounts of various firms opened by Ranbeer Singh Gandhi in the name of his relatives and employees but managed and controlled by him.
"Loan funds were also diverted by Ranbeer Singh Gandhi in his and his wife's personal bank accounts."
Subsequent to the investigation by CBI and ED, Jasleen Enterprises approached the bank for One Time Settlement (OTS) in the year 2021 and the same was settled by the bank at Rs 11.30 crore in 2022 and remaining amount of Rs 70 lakh of bank funds has been treated as Proceeds of Crime.
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