ED attaches assets worth nearly Rs 80 crore in bank fraud case against pharma company
According to the ED, the total attachment and seizure in the money laundering case against Sharon Bio-Medicine has now reached Rs 96.20 crore.
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In the past, the ED had stated that SBML was engaged in manufacturing active pharmaceutical ingredients and availing various credit facilities from banks using forged documents and bogus contracts. (Image: sharonbio.com)The Enforcement Directorate (ED)’s Mumbai zone on Friday provisionally attached immovable assets worth approximately Rs 79.78 crore in the Rs 220-crore bank fraud case against pharma company Sharon Bio-Medicine Limited (SBML).
These assets are in the form of flats, plots, hotels and agricultural lands in Navi Mumbai, Mumbai, Satara, and Raigad in Maharashtra and Dehradun, Haridwar, and Pauri Garhwal in Uttarakhand. With the latest action under the Prevention of Money Laundering Act provisions, the total attachment and seizure in the case has now reached Rs 96.20 crore, the agency said.
The money laundering case is based on the original case of the Central Bureau of Investigation (CBI)-Anti Corruption Bureau (Mumbai) against Mohan Prasad Kala, Savita Satish Gowda, Lalit Shambu Misra and others. The CBI had half-booked the accused for allegedly committing fraud against banks by using bogus documents and causing the banks to lose about Rs 220 crore.
In the past, the ED had stated that SBML was engaged in manufacturing active pharmaceutical ingredients and availing various credit facilities from banks using forged documents and bogus contracts. SBML allegedly misused bank credit facilities by diverting funds for asset creation.
The agency also said a web of shell companies was created with which initially SBML made bogus sales and bogus purchases to inflate their turnover and also furnished such bogus contracts and forged documents with banks to avail/enhance their credit facilities.
After obtaining loans, funds were allegedly siphoned off through multiple layers of shell entities created in the names of SBML employees and relatives of key SBML officials, which were diverted for the creation of assets, the ED stated.
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