Bhopal (Madhya Pradesh): Directorate of Enforcement, Bhopal has filed a prosecution complaint against Bhopal-based business house under the provisions of the Prevention of Money Laundering Act, before the Special Court, Bhopal, on March 22, said officials on Wednesday.
The agency ED initiated the investigation on the basis of a charge-sheet filed by CBI, SPE, BS & FC, New Delhi under various sections of IPC.
ED probe revealed that the business house through its director had availed various credit facilities from a nationalised bank in Bhopal for modernization of their units and purchase of machineries during 2004.
The loan amount was diverted through bank accounts of various companies, which were in the name of the employees of a Group of companies controlled by them.
It was found during the investigation that the business House by using corporate entities diverted the loan amount for the purpose of settling various corporate and personal liabilities and thus, mis-utilized the loan disbursed, thereby cheating the bank to the tune of Rs 15.67 Crore as loan account turned NPA.
Previously, ED has provisionally attached immovable properties vide March 30,2024 wherein 10 immovable properties located in Satna and Sehore in amounting to Rs. 2.36 Crore were attached.
