New Delhi, Sep 20: Enforcement Directorate (ED) has provisionally attached plant and machinery of Rs 234.11crore of Kudos Chemie Ltd situated at villages Kuranwala and Saidpura Gulabgarh, Madhopur and Ranguana in Mohali District of Punjab under Prevention of Money Laundering Act (PMLA) in the case against the company and its directors relating to bank fraud, the official statement said here on Friday.
ED had earlier also attached the properties worth Rs 109.03 crore located at the same locality and House property at Chandigarh under PMLA.
The Central financial probing agency initiated investigation on the basis of FIR of Central Bureau of Investigation’s Banking Securities (BS) and Fraud Cell, New Delhi for offence of criminal conspiracy, cheating and forgery of valuable securities against Kudos Chemie Ltd and its promoters, directors Jitendra Singh, Ms Gurmeet Sodhi, Kabir Sodhi and other private persons.
It was alleged in the FIR that Kudos Chemie Ltd had been sanctioned Term Loans, Working Capital Term Loan Scheme and Working Capital Limits by the Punjab National Bank (PNB) and its other consortium member banks and the company had not utilized the credit facilities in line with the terms of sanctions agreed upon, the probe agency said.
“The loan amounts were diverted and siphoned off by Kudos Chemie Ltd and other accused persons with intention to cause wrongful loss to Banks and wrongful gain to themselves”, they added.
Investigations conducted so far have revealed that Kudos Chemie Ltd Managing Director Jitendra Singh had submitted forged export bills into Punjab National Bank and got them discounted in connivance with some officials of the PNB to the tune of Rs 361.94 crore.
The released amount was utilized for adjustments of ‘Cash Credit’ accounts and other outstanding liabilities which were not in line with the terms of sanctions agreed upon for the purpose. The same was fraudulently diverted through other accounts of the company projecting the ‘Proceeds of Crime’ (PoC) as untainted money and thus, PoC has been generated as a result of criminal activity relating to scheduled offence, the ED officials said. (UNI)