The Enforcement Directorate is probing companies promoted by Nirav Modi and Mehul Choksi which allegedly made fraudulent transactions worth Rs 11,400 crore through a Mumbai branch of Punjab National Bank.
PNB on Monday said it will honour all its “bonafide commitments” under the Letters of Undertaking (LoUs) and Foreign Letters of Credit (FLCs) in connection with the colossal banking fraud.
It is suspected that the shell firms were being used by the accused to launder money and create benami assets in the form of land, gold and precious stones, which is now being probed by the tax department.
The Enforcement Directorate said the “wrongful gain” so earned was used for the construction of multi-storeyed residential apartments at Guindy for sale to general public in the name of VGN Fairmont.
Bilquis accused the agency of harassing her and other family members by asking the same questions all over again since the agency has not found any evidence against her husband.
The case against Hasan Ali Khan dates back to 2007 when an Enforcement Case Information Report was filed against Khan, following Income Tax investigations conducted after raids at Khan’s residence.
The agency had earlier this month arrested former director of Andhra Bank Anup Prakash Garg, and Delhi-based businessman Gagan Dhawan in November last year.
The case, based on a CBI FIR that names Lalu, his son Tejashwi and wife Rabri Devi, pertains to alleged favour given by Lalu as Railway Minister to a company in cornering tenders for maintenance of two IRCTC hotels.
Gargs arrest is the second in the case; Delhi-based businessman Gagan Dhawan was arrested last November.
The ED had registered a case under the Prevention of Money Laundering Act against Karti and others in May last year.
According to ED, the money was allegedly layered in multiple forged accounts created by the accused. The agency had in September 2017, provisionally attached properties worth 10.30 crore.
The agency had registered a criminal case against the firm in 2015 after taking cognisance of a Central Bureau of Investigation’s First Information Report (FIR) against the group, its directors and officials
The ED had registered a criminal case against the firm in 2015 based on a CBI FIR against the group, its directors and officials.
The agency began its probe against the politician and his associates on the basis of a CBI FIR.
The court was critical of the fact that except Dhawan, other accused were still at large in the “huge scam”.