The ED has attached assets worth over Rs 375 crore of a Gujarat-based firm in connection with its money laundering probe in an alleged bank loan fraud, perpetrated using fraudulent Letters of Credit of more than Rs 2,100 crore.<\/p>\n
The central probe agency said it has attached the plant and machinery of the firm — Ms Nakoda Limited — in Surat district of Gujarat under the Prevention of Money Laundering Act (PMLA).<\/p>\n
It said a money laundering case was registered against the firm, its CMD BabulalGumanmal Jain and his son, and joint MD Devender Babulal Jainbased on a CBI FIR.<\/p>\n
The assets attached are valued at Rs 375.71 crore.<\/p>\n
\u201cMs Nakoda Ltd had availed fund-based and non-fund based financial assistance from the consortium of 13 banks led by Canara Bank and had defaulted on repayment of these loans to the tune of Rs 2,107 crore.<\/p>\n
\u201cInvestigation revealed that Jain and his son entered a criminal conspiracy with others to carry out fake sale and purchases of fancy fabrics with the companies floated by Puneet Rungta and Jagdish Somani,\u201d the agency said in a statement.<\/p>\n
On the strength of fake purchase invoices, it said, the firm opened 816 of Letters of credit (LCs) with banks.<\/p>\n
\u201cOut of the total LCs fraudulently opened by the company with banks against fake purchases, 202 LCs to the tune of Rs 827.98 crore devolved due to non-payment by Ms Nakoda Limited.<\/p>\n
\u201cThese fraudulently obtained LC-based funds were laundered by the company through circular transactions,\u201d it said.<\/p>\n","protected":false},"excerpt":{"rendered":"
The ED has attached assets worth over Rs 375 crore of a Gujarat-based firm in connection with its money laundering probe in an […]<\/p>\n","protected":false},"author":1,"featured_media":28044,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[410],"tags":[],"class_list":["post-28043","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/28043","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=28043"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/28043\/revisions"}],"predecessor-version":[{"id":28045,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/28043\/revisions\/28045"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/28044"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=28043"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=28043"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=28043"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}