New Delhi, Jun 6: Enforcement Directorate (ED) conducted searches under Prevention of Money Laundering Act (PMLA) in 10 premises at Mumbai and Parbhani in a bank fraud case involving, Gangakhed Sugar and Energy Pvt Ltd (GSEPL) chairman Ratnakar Gutte and others, the probe agency said here on Thursday.
The GSEPL has fraudulently availed loans from Andhra bank, UCO Bank, United Bank of India, Bank of India, Syndicate Bank, Ratnakar Bank in the guise of ‘Crop loan’ to 8-10 thousands farmers on the basis of guarantee given by GSEPL.
The central financial probe agency move comes after the registration of an FIR by Gangakhed Police Station, Parbhani against GSEPL Chairman and directors of GSEPL and others.
It is alleged in the FIR that during the period from 2012 to 2017, GSEPL through Ratnakar Gutte and his associates created forged documents, photographs and other fraudulent documents of eight to ten thousand farmers in order to avail crop loans.
“These loans were illegally availed from various banks in the name of Non existing, bogus farmers and even in the name of some of the dead farmers and bogus saving accounts were created in these names which was submitted by GSEPL and crop loans were sanctioned”, the probing agency said.
Accused Ratnakar Gutte, members of ‘Board of Directors’, agricultural officers and employees of GSEPL entered into a criminal conspiracy to siphon off the loans sanctioned by various banks with the connivance of the bank officers and its employees.
The sanctioned crop loan amount was deposited in these bogus 'saving account' of the farmers and on the same day the entire amount was transferred in the current account of GSEPL, the ED said.
It was also alleged that amount of Rs 328 crore were siphoned off by GSEPL by diverting the loans given by Andhra bank, UCO Bank, United Bank of India, Bank of India, Syndicate Bank, Ratnakar Bank as ‘Crop loan’ in their 23 different related concerns of GSEPL.