HIGHLIGHTS:

  • The action came after the convicted company illegally procured Rs 164 cr from the SBI
  • Reports have stated that the company forged documents to procure the amount from the bank
  • On Monday, the director of another Kolkata based company witnessed ED raids over fraud charges

On Tuesday, a Kolkata-based company named Shree Mahalaxmi Corporation Pvt Ltd was prosecuted by the Enforcement Directorate (ED), after it attached the company’s assets which were worth Rs 42 crore. The action comes after reports of the company playing a fraud of Rs 164 crore with the State bank of India (SBI).

The assets which were confiscated by the ED include 11 fixed properties of the owner of the fraudulent company. The process of investigation by the ED began as early as 2017 after it received a complaint from the Central Bureau of Investigation (CBI). Charges of procuring loans from the SBI based on forged documents have come against the company.

A total of Rs 164 crore was obtained by the company, which is further divided between several banks, in order to keep transactions out of inkling. The ED has stated, “It was further revealed that various letters of credit (LCs) were opened in the name of certain companies against the credit facilities, and the same was discounted on the basis of forged invoices, challans, etc. The LC proceeds were thereafter laundered and siphoned off.”

Ashish Jhunjhunwala, the director of a Kolkata-based company named Ramsarup Industries, was also arrested by the ED on Monday. The arrest came after Jhunjhunwala was accused of frauding a nationalized bank of Rs 184.43 crore. At least five locations in Kolkata witnessed EDraids, after which it discovered “bogus” transactional evidence.

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