New Delhi, Aug 19 Enforcement Directorate (ED) on Saturday said that the agency conducted rain regarding bank loan fraud of Rs 520 crore, at 17 locations in Karnal, Kaithal, Sonepat, Gurugram, Hathras, and Gwalior.
ED said that the case pertains to Sri Hari Har Overseas Pvt Ltd, R G International Pvt Ltd, T C Agro Industries, Suma Foods Pvt Ltd and KTC Foods Pvt Ltd and their related entities.
ED said that it conducted PMLA investigation based on FIRs registered by the CBI under various sections of IPC, and PCA, 1988 related to criminal breach of trust, criminal conspiracy, cheating and criminal misconduct with Punjab National Bank and Central Bank of India causing a loss of around Rs 520 Crore to the banks.
The accused entities were engaged in the business of husking of paddy and rice and running rice sheller.
The subject entities and their directors used forged stock statements for drawing excess finances from the bank.
ED said the accused dishonestly sold out the hypothecated stocks and machinery without the knowledge and consent of the bank and did not deposit the sale proceeds with the bank.
It has been also found that the accused entities have diverted huge amounts to their related firms and several other fictitious firms for routing the money without any genuine business transactions.
ED said that the accused entities and their directors created new entities with dummy directors/partners in order to layer the proceeds of crime and projecting the same as untainted by purchasing their mortgaged properties through these dummy entities.
ED said that it was also found that the security guards were made as dummy directors. The investigation into the source for purchase of these properties through dummy entities is in progress. Further, the accused directors were found to be in possession of the auctioned mortgaged properties.
During the search operations, bank lockers, digital devices, various incriminating documents and cash of more than Rs 20 lakh was found and seized. Few live cartridges along with copy of original arms licence were also found at one of the search premises which were handed over to the local police.
ED said that further investigation into the matter is on.
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