The Enforcement Directorate (ED) on Monday said that it has arrested one Chhattisgarh-based businessman Subhash Sharma, in connection with a Prevention of Money Laundering case of a bank fraud of Rs 54 crore.
ED initiated a money-laundering investigation on the basis of multiple FIRs registered by Chhattisgarh Police and CBI against Subhash Sharma and others for fraudulently obtaining loans from various banks through companies owned and controlled by him, law enforcement agency said in a statement today.
The law enforcement agency further said that the total Proceeds of Crime (POC) involved in the above FIRs is around Rs 54 Crore.
Investigations by ED revealed that during the period from December 2009 to December 2014, the loans obtained fraudulently by the companies owned and controlled by Subhash Sharma were diverted and used for investment in non-intended businesses and part of the Proceeds of Crime was also utilized to purchase immovable properties in the name of shell entities.
Most of the companies of Subhash Sharma did not have any business activities and were created only for the purpose of transfer/routing of loan funds received in his companies to other companies. Two PAO attaching movable and immovable properties valuing Rs. 39.68 Crore derived out of the Proceeds of Crime has been issued.
The Special Judge of PMLA Court in Raipur and Chhattisgarh has granted 10 days of ED custody of the arrestee Subash Sharma. Further investigation into the case is underway.
( With inputs from ANI )
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