Bank fraud case: ED raids directors of dairy product processing group
Dec 29, 2022
New Delhi [India], December 29 : The Enforcement Directorate (ED) on Thursday conducted searches at eleven places linked to Pure Milk Products Pvt. Ltd (PMPPL) and its directors Charanjit Singh Bajaj, Livtar Bajaj and Gurdeep Kaur, in connection with a money laundering probe linked to an alleged bank loan fraud, the agency said on Thursday.
The ED said it seized Rs 1.15 crore in cash, mobile phones and property documents after raiding the premises of the businessmen.
The raid stems from an FIR against PMPPL registered by the CBI, under various sections of the IPC Act, 1860 and the Prevention of Corruption Act, the agency said.
"The CBI FIR had alleged that PMPPL had committed the offences of forgery, cheating, submission of forged documents as genuine and other offences, and credit facilities sanctioned by the bank to PMPPL was Rs.62.13 crore and the total NPA (non-performing asset) amount was Rs.60.74 crore as on October 31, 2019," the agency said.
The ED said the loan availed on the basis of inflated turnover was diverted or siphoned off by the entities mentioned above. Also, property related documents, mobile phones and cash totalling Rs 1.15 crore approx. were recovered and seized from the searched premises under the provisions of the Prevention of Money-Laundering Act, the agency said.
