The ED had issued the order on May 22.The Directorate of Enforcement (ED) has issued an order to attach properties worth Rs 62.70 crore of M/s Nipko Engineering Services over their alleged involvement in a bank fraud case.
The provisional attachment order was passed on May 22. A press release by the ED Friday stated: “ED initiated money laundering investigation in the year 2020 on the basis of a first information report (FIR) registered by CBI, ACB Pune, wherein a complaint was filed against above said company, Narendra Achyut Rao Korde, director, and unknown officials of Andhra Bank and other persons for a bank fraud of approximately Rs 72.99 crore.”
It added, “The modus operandi used for laundering the funds was that the accused obtained false or fake purchase orders from different companies/firms. Thereafter, they allegedly prepared forged supporting documents like invoices, delivery challans, goods receipts notes etc. to show the genuine transactions of goods between the companies.”
The ED further stated: “Thereafter, these said documents along with application for bill discounting were submitted to Andhra Bank. Then other associated persons like the directors/proprietors/ authorized signatories of fictitious buyers companies used to give acceptance of the said bills to their respective banks wherein no physical transactions of goods were done. The said fake bills were discounted and amounts were credited in companies’ account of Mr. Narendra Korde.”
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“The said funds were further laundered in the guise of payment to third parties / fictitious firms and cash withdrawal and were layered and integrated in the Bank account of various other companies to hide the original source of Proceeds of Crime and utilized for acquiring the immovable properties worth Rs.62.70 Crore, which have been Provisionally Attached,” the statement added.
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