ED arrests Associate High Pressure Technologies chairman for defrauding bank of Rs 149.89 crore

ED officials said the agency had initiated an investigation on the basis of an FIR registered by the Central Bureau of Investigation (CBI) under various sections of the Indian Penal Code and Prevention of Corruption Act against Associate High Pressure Technologies and its directors and shareholders.

During the course of the investigation, the ED learnt that the loan amount was illegally diverted by way of fictitious Inland Letters of Credit, bogus unsecured loans, and commissions to related entities along with other methods.

“In this case, nine searches had already been conducted by ED in Mumbai, Ahmedabad, Kandla and Pune. Ramchand Kotumal Issrani, Managing Director of M/s AHPTPL, was earlier arrested by ED on 08.08.23 and currently, he is in judicial custody,” said the ED in a statement.

A prosecution complaint was also filed in this case on October 4, the ED added. However, Agicha had been absconding and had not been appearing before the agency despite numerous summons, thus hindering the investigation.  “He had been hiding to abscond from the criminal proceedings,” ED said.

On Friday, ED officials received information that Agicha was at his home in Pune following which a team was sent and searches were conducted. Agicha was arrested and produced before a court, which remanded him in the ED’s custody for three days.