ED searches offices, residential premises of M.K. Patel Exim Pvt Ltd directors in bank fraud case
Sep 11, 2020
New Delhi [India], September 11 : The Enforcement Directorate (ED) on Friday conducted searches at the office and residential premises of Directors of MK Patel Exim Pvt Ltd in a bank fraud case.
The searches have resulted in the seizure of huge property documents, bank accounts documents and other incriminating documents, ED said in a release.
The Central Bureau of Investigation (CBI) FIR case under the Prevention of Money Laundering Act, 2002 (PMLA) was taken up by the Enforcement Directorate in a bank fraud case against M.K. Patel Exim Pvt Ltd, its directors and guarantors.
"It is alleged that the said company and its directors namely Om Prakash Pandey and Prakash Pandey and others cheated a consortium of banks comprising of IDBI, ICICI and led by Bank of Baroda to the tune of around Rs 50 crore," ED said.
Further, it is alleged that the accused persons opened inland and foreign LCs for purchase of timber in the name of sister concerns based in Kolkata and Singapore and diverted the sale proceeds, the agency said.
