ED charge sheet against Himachal company in R407-cr money-laundering case

The accused diverted Rs 407.13 crore, which was received from the bank as a loan to the company, through various layers of shell companies.

The Enforcement Directorate (ED) Thursday filed a charge sheet before the Special Court in Shimla against 15 directors and promoters of a Himachal-based company in connection with a bank fraud case under the Prevention of Money Laundering Act. The financial probe agency has named Indian Technomac Company Limited, its Managing Director Rakesh Kumar Sharma, its Director Vinay Kumar Sharma and 12 others as accused. The ED has initiated the investigation based on an FIR registered by the Crime Investigation Department (CID), Himachal Pradesh Police. According to officials, the accused diverted Rs 407.13 crore, which was received from the bank as a loan to the company, through various layers of shell companies. The senior officials of companies were allegedly involved in the misappropriation of funds.