New Delhi, Apr 17 : Enforcement Directorate (ED) has provisionally attached immovable and movable properties worth Rs 6.07 crore in a bank fraud case involving Damodar Developers Pvt Ltd and others under the Prevention of Money Laundering Act (PMLA), an official statement said here on Friday.
The attached properties consist of balances in eleven bank accounts, three flats, one office space, covered space and the garages having total area of 12244 square feet and one landed property having area of 29 Kattah in West Bengal which belonged to Damodar Developers Pvt Ltd, its Directors Parthasarathi Ghosh, Kallol Mukhopadhyay, Probal Mukherjee, their family members and associated companies and firms. The federal financial probing agency move comes after the FIR registered by Kolkata CBI against Damodar Developers Pvt Ltd and its directors and others for defrauding State Bank of India (SBI) for allegedly conniving with others and hatching a criminal conspiracy and defrauded the State Bank of India to the tune of Rs 64.57 crore by producing forged documents and inducing bank to accept fictitious properties as collateral securities which never existed.
ED investigation Damodar Developers Pvt Ltd was sanctioned working capital limit of Rs 60 crore in the form of Cash Credit loan by SBI for distributorship business of Indian Made Foreign Liquor (IMFL). “Funds availed from the banks were diverted without any underlying business and unrelated purposes by layering through several associated or related companies or firm and also by cash withdrawals for personal purposes”, the probe agency said. Huge amount of cash has been withdrawn from the Cash Credit Account to be used in unrelated purposes like for purchasing four fake or forged lease deeds of landed properties to be used as additional collateral with ulterior motive of availing enhanced credit facilities from the bank, the agency added.
After distribution of stock purchased from the loan funds, sale proceeds received from retailers required to be credited back in Cash Credit account of State Bank of India and substantial part of business was done in cash only but the sale proceeds amount used to be received in cash from the retailers were not credited in Cash Credit Account of Damodar Developers Pvt Ltd, maintained in the State Bank of India by them, the ED officials said. Investigation also revealed that the loan so availed was fraudulently diverted and siphoned by the directors of the said company for their personal gain and for acquiring immovable properties. (UNI)