The case pertains to the company identified as Emgee Cables and Communications and its directors Shripal Choudhari, Anuradha Choudhari, Abhinav Choudhari and others.
Assets valued at over Rs 20 crore of a Rajasthan-based company and its promoters have been attached by the ED under the anti-money laundering law in connection with an alleged bank loan fraud case probe, the agency said on Friday. The case pertains to the company identified as Emgee Cables and Communications and its directors Shripal Choudhari, Anuradha Choudhari, Abhinav Choudhari and others.
The federal probe agency said in a statement that the said company, through firms such as Reliance International, New Generation INC (dummy firms created by Shripal Choudhari) and Kandoi Metal Powder Mfg Pvt Ltd had fraudulently shown inflated sales and purchase without their being actual sale/purchase and defrauded the creditors including Dena Bank. “They were engaged in circular transactions with these firms. It was also observed that more than 90 per cent transport of the suspected sale/purchase of goods made among these firms were shown to be done by one truck of Emgee cables,” it said.
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The truck was found on more than one location at the same time, the Enforcement Directorate said. “The transaction shown among these firms were dummy transactions only for showing inflated turnover of company with the sole intention to defraud the Dena Bank and other creditors,” it said.
Further, it said, the company Emgee Cables booked “substantial loss” out of the circular transactions which were not possible in ordinary course of business. The attached properties include two residential houses, a factory, 5 offices, two plots, agriculture land and the hostel of GIT College located in Jaipur totalling Rs 18.93 crore and movable properties in the form of bank balances, plant and machinery and three cars worth Rs 1.42 crore, the agency said.
The total value of the assets attached udder the latest order, issued under the Prevention of Money Laundering Act (PMLA), is Rs 20.35 crore. The ED took over the probe in the case taking cognisance of an FIR filed by the Rajasthan Police in May last year and two charge sheets filed by it last year and the latest being in April this year.