New Delhi, Dec 29 The Enforcement Directorate (ED) on Thursday said that it carried out search operations on December 27 at 11 business and residential premises belonging to Pure Milk Products Pvt. Ltd (PMPPL), its directors Charanjit Singh Bajaj, Livtar Bajaj, Gurdeep Kaur, their associated entities, along with the premises of their associates in connection with a Prevention of Money Laundering case related to loan fraud.
The ED said that during the searches, incriminating evidence was seized.
The documents are related to firms through which the turnover of the PMPPL had been inflated.
The loan availed on the basis of inflated turnover was siphoned off by these entities. Further, property related documents, mobile phones and cash totalling Rs 1.15 crore were also recovered from the searched premises.
The ED initiated the money laundering investigations against PMPPL on the basis of the FIR registered by the Central Bureau of Investigation, (CBI), under various sections of the IPC Act, and the Prevention of Corruption Act.
In the FIR, it has been alleged that PMPPL had committed the offences of forgery, cheating, submission of forged documents as genuine and other offences. It had also found that credit facilities sanctioned by the bank to PMPPL was Rs.62.13 crore and the total NPA amount was Rs 60.74 crore as on October 31, 2019.
Further investigation in the matter is on.
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