New Delhi, Aug 19 The Enforcement Directorate (ED) on Saturday said that they have filed a charge sheet before a Special Court in Mapusa, Goa, against 27 accused, including Ganindu Milk & Milk Products Pvt. Ltd (GMMPL) and other related entities of the Siddharth Group of Companies, in connection to a bank fraud case.
An ED official said the court has also taken cognizance of the matter.
The ED initiated an investigation under the PMLA based on an investigation initiated by the CBI in the bank fraud matter involving GMMPL and others.
The ED investigation revealed that GMMPL obtained a term loan of Rs 34.20 crore on March 15, 2011, from the State Bank of India with the objective of setting up a tetra pack milk production unit, specifically an Ultra-Heat Treatment Plant (UHT), in Solapur,Maharashtra.
"GMMPL, with dishonest intentions, under the guise of procuring UHT machinery, illegally diverted the term loan of Rs 20 crore into the bank accounts of other related companies. Similarly, GMMPL had opened nibe Letters of Credit (LCs) with the State Bank of India, and a total amount of Rs 19,01,98,670 was discounted for the supply of butter.
"However, the said LC amount was not utilised for the intended purpose of butter procurement but instead diverted to the bank accounts of other related Companies," said the official.
The official further stated that a provisional attachment order was issued for the attachment of 11 immovable properties and one movable property (FD) amounting to Rs 39,01,98,670, which was subsequently confirmed by the concerned authorities.
Further investigation into the matter is ongoing.
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