Kolkata, July 16 The Enforcement Directorate (ED), Kolkata Zonal Office, has restituted ten immovable properties and nine movable asserts worth of Rs 9.56 crore (approximately) to the legitimate claimant -- the official liquidator of Kaushik Global Logistics Ltd, appointed by the NCLT, Kolkata.
The restitution of attached properties under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, was made in accordance with the order passed by a special court, an official said on Wednesday.
“ED initiated an investigation based on FIRs registered by the CBI, Kolkata. ED investigation revealed that KGLL, through its directors Dhananjay Singh, Sanjay Singh, and Mritunjay Singh, committed fraud with State Bank of India, by availing the credit facilities/ term loans totalling to Rs. 85.39 crore, which turned into NPA on 30.06.2013, with total outstanding of Rs. 60.38 crore,” the ED statement read.
According to ED, these term loans were sanctioned for purchasing new Volvo/ Mercedes buses and for meeting the daily operational requirements of the passenger transportation business.
“However, the said term loans/ credit facilities were diverted by using a fictitious bank account of Volvo Buses India Pvt. Ltd., held with Dena Bank (Now Bank of Baroda) and some other bank accounts in Dena Bank, through a web of complex banking transactions, for creating fixed assets, paying interest and instalments for other loans and meeting their requirements,” the ED statement read.
The central agency claimed that during the investigation, proceeds of crime amounting to Rs. 10.86 crore were attached by the ED by issuing two provisional attachments.
ED had also claimed that this significant development not only underlined the agency’s relentless efforts to trace and attach proceeds of crime but also reinforced its unwavering commitment to ensure that the money was restored to the rightful claimants or “victims of money laundering”.
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