New Delhi, August 6 The Enforcement Directorate (ED) has arrested V. Hima Bindu, the Managing Director (MD) of VMCSL, for indulging in the offence of money laundering and causing a loss of around Rs 3,316 crore to a consortium of public sector banks.
The central agency arrested Bindu on Wednesday under the Prevention of Money Laundering Act (PMLA), 2002.
The ED initiated a money-laundering investigation on the basis of an FIR filed by the Central Bureau of Investigation (CBI) against VMCSL, which had taken loans from a consortium of banks, and the present dues outstanding to all the banks is worth Rs 3,316 crore, said the agency in a statement.
"Forensic Audit revealed that VMCSL circulated loans to various related entities to inflate its books of accounts," the ED said.
Forensic Audit also revealed that PISL (related entity) was given a 3 per cent commission amount by VMCSL for all receipts from BSNL without any specific role of PISL in BSNL tenders.
Forensic Audit further revealed that VMCSL had opened various Letters of Credit (LCs) worth Rs 692 crore in the name of fake and dummy entities which were subsequently devolved.
Bindu, through her company VMCSL and with the active assistance of her brother V. Satish (MD of PISL), in order to dodge the banks, created false and exaggerated operational revenues by generating fake sales and purchase invoices through the companies controlled by their Directors and family members, said the agency.
"Bindu siphoned off a part of proceeds of crime by remitting it to the overseas entities controlled by her family members."
Earlier, on July 20 this year, searches were conducted by the ED on the residential premises of Bindu, V. Satish, and V. Madhavi and lots of incriminating documents and digital data in form of 40 external hard discs, six mobiles, and two laptops have been recovered.
The prime accused was not responding to the ED summons, not supplying the documents of her companies and transactions on one pretext or the other, and blatantly lying regarding their foreign transactions, said the ED, adding "Hence, Bindu has been arrested and has been produced before the PMLA Special Court and remanded to judicial custody till August 18."
( With inputs from ANI )
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