scorecardresearch
Follow Us:
Wednesday, June 29, 2022

Pune: ED attached assets worth Rs 62 crore in bank fraud case

Pune-based M/s Nipko Engineering Services had allegedly defrauded Andhra Bank of Rs 72.99 crore.

By: Express News Service | Pune |
May 27, 2022 4:01:50 pm
Enforcement Directorate (ED), money laundering, money laundering case, Satish Uke and Pradip Uke, Pune news, Pune city news, Pune, Maharashtra, Maharashtra government, India news, Indian Express News Service, Express News Service, Express News, Indian Express India NewsThe 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.”

Best of Express Premium
Abroad, Jacinda Ardern is a star. At home, she is losing her shine.Premium
Udaipur tailor killed: Victim sought police cover, pointed to threats aft...Premium
Explained: Speaker’s powers in a rebellionPremium
G7 is trying hard not to be yesterday’s clubPremium

“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.

Express Subscription Do not hit the wall, subscribe for the best coverage out of India starting at just $5 per month

📣 Join our Telegram channel (The Indian Express) for the latest news and updates

For all the latest Pune News, download Indian Express App.

  • Newsguard
  • The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.
  • Newsguard
Advertisement
Advertisement
Advertisement
Advertisement