New Delhi, Nov 12 The Enforcement Directorate (ED) on Friday said it has provisionally attached properties worth Rs 68.77 crore owned by Directors and shareholders of Mumbai-based Usher Agro Limited (UAL) under the Prevention of Money Laundering Act (PMLA) case for allegedly cheating and siphoning off Rs 915.65-crore bank loan.
On Thursday, the financial probe agency has provisionally attached the movable and immovable properties belonging to the shareholders and managing directors Vinod Chaturvedi, Manoj Pathak, and their family members and companies owned and controlled by them.
The ED said the attachment includes immovable properties worth Rs 53.46 Crore situated at Mumbai and Mathura in Uttar Pradesh, and shares held with National Securities Depository Limited (NSDL), Central Depository Securities Limited (CDSL) worth Rs 15.18 crore and bank balance of Rs 13.46 lakhs.
Earlier, the ED had recorded a money laundering case against Usher Agro Ltd on August 29, 2019, Vinod Chaturvedi, Manoj Pathak and others under the provisions of PMLA, 2002. The Proceeds of Crime, in this case, is Rs 915.65 crore.
During the course of the investigation, Vinod Chaturvedi was arrested on September 17 this year and presently he is in judicial custody.
In this case, the banks and other financial institutions had sanctioned various working capital and other business loans to Usher Agro Ltd. Vinod Kumar Chaturvedi, Promoter and Managing Director, Manoj Pathak, Promoter and whole-time Director of Usher Agro Ltd diverted and siphoned the said working business loans from Usher Agro Ltd to their other owned companies or through multiple shell companies exclusively created for the purpose of siphoning off funds for their own personal benefit.
They also withdrew huge cash from the bank accounts of UAL and other shell companies with a motive to divert and siphon the funds from UAL. Further investigation is in progress.
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