The Enforcement Directorate has provisionally attached assets valued at approximately Rs 57.23 crores in case of loan fraud by Kalpesh M Patel, managing director of Kemrock Industries and Exports Ltd and others under the provisions of the Prevention of Money Laundering Act, 2002, the agency informed on Friday. Investigation under PMLA was initiated by the ED on the basis of FIR registered by Economic Offence Wing (EOW)CID Crime, Gandhinagar Zone for the commission of offence under various sections of the Indian Penal Code (IPC) and section 46 of Banking Regulation Act against Kalpesh M Patel and others for committing loan fraud of Rs 140 crore, approximately. In an official statement, the ED said, "The investigation revealed that Kalpesh M Patel and others, had done routing of the funds received out of credit limit sanctioned by the consortium banks to inflate the financials of the company to extend/increase the credit facilities from the consortium of banks and obtain loans in the name of the company."
"Kalpesh M Patel and his wife Binita K Patel also diverted/ misutilized the funds received from the consortium other than the purposes for which the credit facilities were sanctioned and have also transferred funds to their personal accounts from which it can be inferred that the NPA amount of Rs 140.60 crores (approx.) is nothing but proceeds of crime as defined under section 2(1)(u) of PMLA, 2002," the agency added. Therefore, proceeds of crime to the tune of Rs. 57.23 crore (approx.), in the form of both movable as well as immovable assets of M/s Kemrock Industries and Exports Pvt Ltd, Kalpesh Patel and Binita Kalpesh Patel, M/s Kemrock Agritech Pvt Ltd have been provisionally attached by the ED. Further investigation is underway.
( With inputs from ANI )
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