New Delhi,Nov 27: Enforcement Directorate (ED) informed that immovable properties worth Rs 5.11 crore of Shanti Kumar Chordia, Umrao Mal Chordia and Nayantara Chordia in a bank fraud case under the Prevention of Money Laundering Act (PMLA).
The attached assets consist of four immovable properties valued at Rs3.80 crore including three residential-cum-business houses in Jaipur, a flat located in a posh locality in Mumbai and fixed deposit of Rs 1.31 crore in SBI at Jaipur, a statement issued on Wednesday said.
The federal financial probe agency move under PMLA,comes after the registration of FIR and charge sheet filed by the Central Bureau of Investigation (CBI) Mumbai against Shanti Kumar Chordia, Umrao Mal Chordia,Vipul Gems Pvt Ltd Jaipur, K V Exports, Jaipur and Vipul Gems at Jaipur.
“These entities had cheated the Bank and also dishonestly and fraudulently with criminal intention prevented the Bank from recovering the loan amounts. Thus, the Bank has suffered a loss of about Rs. 30 Crores towards advance given to the above Borrowers plus interest and other charges”, statement reads.
Investigation revealed that three entities, namely Vipul Gems Pvt Ltd., Vipul Gems and K.V. Exports were engaged in export of precious stones.
These entities had taken Packing Credit(PC) that was an advance for purchase of raw material and to meet export related expenses and Post Shipment Demand Loan (PSDL) which is extended after export on the basis of export documents for post shipment requirement to the tune of Rs 29 crore from the Bank of Baroda at Nehru Place Branch in Jaipur during the period 2006-07.
It was further revealed that for availing credit facilities, the above said firms submitted forged and fabricated export orders.
The amounts released were not used for business purposes but was diverted and the bills remained outstanding for the purported exports made by these companies, the probe agency said.
The foreign buyers had either returned the goods, made payments directly to the borrowers or had not at all received the goods. These entities also opened new current account in the name of Gems International and also transferred some of the loan advance on account of PC and PSDL to this account, the agency added.
In this way, the funds were diverted and misappropriated by these entities.
Investigations further revealed that the borrowers had systematically, with criminal intention, diverted and misappropriated the funds for settling their personal dues and old dues with previous bank (SBBJ) which were not utilized them for the purpose for which they were borrowed, the statement further said.
Earlier in this case,an immovable property in the form of a residential bungalow valued Rs one crore situated in Shyam Nagar, at Jaipur had already been attached under PMLA.
Upon confirmation of said attachment, a Prosecution Complaint had been filed against the Directors, Partners of Vipul Gems group of companies in 2017 for the offence of money laundering, where cognizance has also been taken by the PMLA Special Court at Jaipur ED said. (UNI)