Bank Fraud: Enforcement Directorate Attaches Assets In Shakti Bhog Money Laundering Case
A provisional order has been issued under criminal sections of the Prevention of Money Laundering Act.
The ED has attached assets worth Rs 2.14 crore in a money laundering probe against Delhi-based foods company Shakti Bhog linked to an over Rs 3,269 crore alleged bank loan fraud case.
The agency said in a statement on Thursday that the properties belonging to the accused involved in the case -- Devki Nandan Garg, Ashok Kumar Goel, Mahesh Kumar, Devender Kumar -- and other alleged entry operators (hawala operatives) and chartered accountants like R N Saraf and Ramesh Goyal.
A provisional order has been issued under criminal sections of the Prevention of Money Laundering Act to attach the assets worth Rs 2.14 crore.
"The entry operators had supplied fake invoices and assisted Shakti Bhog Foods Limited in committing loan fraud with a consortium of ten banks led by the State Bank of India," the Enforcement Directorate said in a statement.
It said Shakti Bhog Foods Limited had procured 'fake bills of purchase-sale from the dummy entities under the command and control of Goel, Garg, Mahesh Kumar, Devender Kumar and other entry operators without having any genuine business transactions'.
"The CAs (Saraf and Goyal) were actively assisting Garg, entry operator, in legalising his illegal accommodation entries (fake business entries).
Investigation revealed that these persons also acquired proceeds of crime in the form of commission and fee," it said.
Shakti Bhog Foods Limited, the ED alleged, 'committed the offence of money laundering with their aid and assistance including generation, acquisition, layering and siphoning off its loans funds.'
The money laundering case against the company, its promoters and others was filed after studying a CBI FIR which, in turn, was registered after the SBI made a complaint against the business group to the CBI.
The ED had arrested Shakti Bhog chairman and managing director Kewal Krishan Kumar, another CA involved in the case, Raman Bhuraria, Goel and Garg in this case earlier.
All except Garg are in judicial custody at present. Garg was granted interim bail on medical grounds.
A charge sheet has been filed by the agency against the accused and assets worth Rs 98.3 crore have been attached by it in the past.
