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Saturday, November 27, 2021

Rs 184-cr fraud: Kolkata firm director held

On the day he was arrested, ED sleuths had carried out a search operation at five locations in Kolkata and seized incriminating documents.

By: Express News Service | Kolkata |
November 24, 2021 4:48:40 am
The arrest on Saturday was made under the Prevention of Money Laundering Act, 2002.

The Enforcement Directorate has arrested Aashish Jhunjhunwala, director, M/s Ramsarup Industries Limited, Kolkata in connection with a bank fraud case worth Rs 184.43 crore. The arrest on Saturday was made under the Prevention of Money Laundering Act, 2002.

On the day he was arrested, ED sleuths had carried out a search operation at five locations in Kolkata and seized incriminating documents.

Sources said the central agency, which looks into financial crimes, is investigating the money laundering angle in the case. The FIR in the matter was initially filed by the Central Bureau of Investigation in June 2017.

According to sources, the Union Bank of India had filed a complaint against the firm for cheating and diverting a loan amount to the company’s account. The CBI had registered a case against Aashish Jhunjhunwala, Naveen Gupta, Ayush Lohia, Lalit Mohan Chatti and Bimal Jhunjhunwala. All are directors in the firm. The general manager of a bank and other private individuals were also named in the case.

It is alleged that the directors, as part of a criminal conspiracy, availed credit facilities from the United Bank of India.

In a related development, the ED has provisionally attached assets worth Rs. 42.36 crore belonging to the directors of M/s Shree Mahalaxmi Corporation Pvt. Ltd, a Kolkata based company, in a bank fraud case under PMLA, 2002.

The firm, based at Kolkata’s Moira Street, is into the manufacturing and export of a wide range of iron steel and allied products.

In 2017, the CBI had registered a case against Shree Mahalaxmi Corporation Pvt Ltd. and two of its directors for misusing funds after they took several loans from the State Bank of India for business
purposes.

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