New Delhi, May 27 The Enforcement Directorate (ED) on Friday said that it has issued the Provisional Attachment Order for attachment of immovable properties worth Rs 62.70 crore of NipkoEngineering Services Pvt Ltd (NESP) in a bank fraud case.
The ED initiated money laundering investigation in 2020 on the basis of the FIR registered by the CBI, ACB Pune, wherein a complaint was filed against NESP, its director Narendra Achyut Rao Korde, unknown officials of Andhra Bank and other persons for committing bank fraud of Rs 72.99 crore.
The modus operandi used for laundering the funds was that the accused obtained fake purchase orders from different companies and there after prepared forged supporting documents i.e. invoices, delivery challans, Goods Receipts Notes etc. to show the genuine transactions of goods between the companies.
Thereafter, these said documents along with application for bill discounting were submitted to Andhra Bank. Thereafter, other associates persons i.e. directors, proprietors, authorised signatories of fictitious buyers companies used to give acceptance of the said bills to their respective banks wherein no physical transactions of goods was done. The said fake bills were discounted and amounts were credited in companies' account of Korde.
Funds were further laundered in the guise of payment to third parties and fictitious firms and cash withdrawal and were layered and integrated in the Bank account of various other companies to hide the original source of proceeds of crime and utilised for acquiring the immovable properties worth Rs 62.70 crore, which have been provisionally attached.
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