Bhopal, March 1 A former Uco Bank official, his acquaintances, and a private firm face prosecution following an investigation by the Enforcement Directorate (ED) on alleged money laundering.
The ED has filed a charge sheet against M/s Maa Bijasen Agro Infrastructure Warehouse and others under the Prevention of Money Laundering Act (PMLA), 2002. This charge sheet was filed on February 28 before a Special PMLA Court in Bhopal. The court has taken cognisance of the charge sheet.
The ED initiated an investigation based on FIR registered by CBI, ACB Bhopal under various sections of the Indian Penal Code, and Prevention of Corruption Act, 1988 against Ranjan Kumar Sinha (the then Chief Manager, UCO Bank, Morena, Branch, MP), Ravindra Kumar Sharma S/o Murari Lal Sharma, (Partner of M/s Maa Bijasen Agro Infrastructure), Sangeeta Sharma, wife of Ravindra Kumar Sharma (Partner of M/s Maa Bijasen Agro Infrastructure) and others.
According to the ED, the investigation uncovered that Ranjan Kumar Sinha and the partners of M/s Maa Bijasen Agro Infrastructure conspired to fraudulently secure bank loans using falsified Warehouse Receipts (WHRs). Their actions caused a financial loss of Rs 9.65 crore to UCO Bank, which led to the creation of substantial proceeds of crime.
In a previous move, the ED had attached Rs 4.08 crore worth of proceeds of crime through a provisional attachment order issued in September 2023, which was confirmed by the Adjudicating Authority (PMLA) in New Delhi.
Ranjan Kumar Sinha, while serving at UCO Bank's Morena Branch, allegedly obtained 22 warehouse receipt loans by presenting false warehouse receipts. This led to the misappropriation of bank funds. The loan amounts were diverted to different bank accounts and later used to purchase properties after cash withdrawals.
The investigation is going on, the ED said.
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