ED raids multiple locations in Maharashtra over loan fraud case
The Enforcement Directorate carried out search operations in the bank loan fraud case at various locations in in Mumbai, Karjat, Baramati and Pune under the provisions of the Prevention of Money Laundering Act, 2002.
The Enforcement Directorate
| Photo Credit: PTI
The Enforcement Directorate (ED) carried out search operations in Maharashtra on Wednesday in connection with alleged violations of provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The case in question is the bank loan fraud case involving Shree Shiv Parvati Sakhar Karkhana Limited, Hitech Engineering Corporation India Pvt. Ltd. and their directors Nandkumar Tasgaonkar, Sanjay Awate and Rajendra Ingawale.
Searches were conducted in Mumbai, Karjat, Baramati and Pune. During the search operations, incriminating documents, digital devices and 19.50 lakh in cash were seized, an ED official said in a press statement.
The ED initiated an investigation based on an FIR registered by the Central Bureau of Investigation [CBI], Economic Offences (Zone 1) New Delhi against M/s Shree Shiv Parvati Sakhar Karkhana Limited, its directors and others for falsifying accounts and forging and fabricating documents in order to gain unlawfully.
“The ED investigation revealed that M/s Shree Shiv Parvati Sakhar Karkhana Limited (SSPSKL) took a ₹ 100 crore loan from banks but failed to contribute its share of ₹ 71.19 crore to the project which was one of the conditions for availing the loan. Subsequently, through its directors and sister concerns Tasgaonkar Construction Ltd; Tasgaonakar Industries Ltd. and its associate Hitech Engineering Corporation India Pvt. Ltd. a major part of the loan was siphoned off leading to a loss to the exchequer and corresponding gains to themselves,” an ED official said.
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