MD arrested for money laundering

Enforcement Directorate (ED) on Wednesday arrested V. Hima Bindu, MD of M/s VMCSL, for indulging in money laundering and causing a loss of around ₹3,316 crore to a consortium of public sector banks.ED

Enforcement Directorate (ED) on Wednesday arrested V. Hima Bindu, MD of M/s VMCSL, for indulging in money laundering and causing a loss of around ₹3,316 crore to a consortium of public sector banks. ED initiated money laundering investigation on the basis of FIR filed by CBI against M/S VMCSL. M/s VMCSL had taken loans from a consortium of banks and the present dues outstanding to all the banks is worth ₹3,316 crore. Forensic audit revealed that VMCSL circulated loans to various related entities to inflate its books of accounts. Forensic audit also revealed that M/s PISL (related entity) was given 3% commission amount by M/s VMCSL for all receipts from M/s BSNL without any specific role of M/s PISL in BSNL tenders.