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ED attaches over Rs 234 crore assets of Kudos Chemie
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SME Times News Bureau | 21 Sep, 2019
The Enforcement Directorate (ED) has provisionally attached plant and
machinery worth Rs 234.11 crore of Punjab-based Kudos Chemie Ltd under
Prevention of Money Laundering Act (PMLA) in an ongoing case against the
company and its directors relating to an alleged bank fraud, the agency
said on Friday.
The ED initiated investigation on the basis of
First Information Report (FIR) lodged by Central Bureau of Investigation
(CBI) for offences of criminal conspiracy, cheating and forgery of
valuable securities against the firm and its promoters and directors
Jitendra Singh, Gurmeet Sodhi, Kabir Sodhi and other persons.
It
was alleged in the FIR that Kudos Chemie Ltd had been sanctioned "term
loans/WCTLs/FITLs and Working Capital Limits" by the Punjab National
Bank (PNB) and its other consortium member banks but the company had not
utilised the credit facilities in line with the terms of sanctions
agreed upon, said an ED statement.
"The loan amounts were
diverted/siphoned off by Kudos Chemie Ltd and other accused persons with
intention to cause wrongful loss to banks and wrongful gain to
themselves."
The PMLA investigations conducted so far have
revealed that Jitendra Singh, Managing Director of Kudos Chemie Ltd had
submitted forged export bills to PNB and got them discounted in
connivance with some officials of the bank to the tune of Rs 361.94
crore, the agency statement said.
It said that the released
amount was utilised for adjustments of cash credit accounts and other
outstanding liabilities which was not in the line with the terms of
sanctions agreed upon for the purpose. "The same was fraudulently
diverted through other accounts of the company projecting the proceeds
of crime as untainted money."
Thus, the money has been generated as a result of criminal activity relating to scheduled offences, the statement said.
The
ED had earlier also attached properties worth Rs 109.03 crore situated
at Kuranwala village in Punjab's Mohali district and house property at
Chandigarh under PMLA.
Further the investigations in the case are in progress.
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