Ratul Puri sent to 6-day ED custody in loan fraud case

Ratul Puri sent to 6-day ED custody in loan fraud case

Agency News

New Delhi, Aug 21 : CBI Special Judge Sanjay Garg on Wednesday granted Directorate of Enforcement six days custodial interrogation of Ratul Puri, nephew of Madhya Pradesh Chief Minister Kamal Nath, allegedly involved in a bank loan fraud case registered under the provisions of Prevention of Money Laundering Act.

On August 17, Ratul Puri, his father Deepak Puri, mother Nita and others were booked in connection with a Rs 354 crore bank fraud case filed by Central Bank of India.
CBI has booked other family members of Ratul Puri, including Sanjay Jain and Vineet Sharma, for criminal conspiracy, cheating, forgery and corruption under the provisions of Indian Penal Code.

Ratul Puri was booked by Investigating Agency as Executive Director of Moser Baer India Limited, a firm which was promoted by his father.

Central Bank of India had filed a complaint against Moser Baer which had taken loans from various banks during the past decade. When it was unable to pay the debt, a forensic audit was carried out. The account was declared as fraud in April. The bank further submitted that Moser Baer and its Director, by forged and fabricated documents, induced it to release funds and thereby caused unlawful loss of Rs 354.51 crore to it in November, 2014, by getting unlawful gains.(UNI)