ED chargesheets Uttarakhand firm, bank officials in loan fraud case
India Today
ED has filed a chargesheet against an Uttarakhand-based firm as well officials of Central Bank of India in connection with a loan fraud case.
The Enforcement Directorate (ED) has filed a chargesheet under the Prevention of Money Laundering Act (PMLA) against Uttarakhand-based Luxmi Auto Industries and others in a bank fraud case.
Along with the firm, ED has named its partners Satish Kumar Gupta and Parminder Singh, and Central Bank of India officials - Sharwan Kumar Singhal (then assistant manager), Avdhesh Kumar Gupta (then branch manager of Roorkee branch).
The chargesheet has been filed before the designated court in Dehradun.
The Enforcement Directorate initiated a money laundering investigation on the basis of FIR and chargesheet filed by the Central Bureau of Investigation for defrauding the bank.
ALSO READ | ED issues Rs 7,272 crore show cause notice to Transcorp International for FEMA violation
ED has alleged that the accused persons, in connivance with the bank officials, availed loan to tune of Rs 1.71 crore for establishing a manufacturing unit of nuts and bolts in the name and style of Luxmi Auto Industries on the basis of forged documents, and the loan availed was not used for the specified purpose.
“Thus, by resorting to conspiracy and cheating, the accused persons caused loss to the bank and wrongful gain to themselves,” said the ED.
