Bank fraud: ED seizes jewellery, cash worth over Rs 1 cr in raids against Bhopal-based company, directors


PTI, Nov 8, 2024, 6:42 PM IST

The Enforcement Directorate has seized diamond and gold jewellery worth Rs 85 lakh and Rs 25 lakh in cash during searches against a Bhopal-based company in a multi-crore bank loan “fraud” linked money laundering case, the federal probe agency said on Friday.

The ED had raided the directors of automobile company Excel Vehicle Pvt. Ltd. and some linked persons including an auditor at four locations on November 6.

“The company diverted the funds to their sister concerns and related entities causing loss to the bank to the tune of Rs 44 crore,” the agency alleged in a statement.

The ED case, filed under the Prevention of Money Laundering Act (PMLA), stems from a CBI FIR.

The company, as per the ED, secured a credit facility of Rs 42 crore in 2014 from the Bank of India (BoI) and by 2017 the account turned NPA (non-performing asset).

In 2019, Kotak Mahindra Bank informed the BoI about the prior mortgaging of certain properties by a sister concern of Excel Vehicle Pvt. Ltd.– My Car (Bhopal)– for securing credit facilities from it (Kotak Mahindra), whereas the said properties were mortgaged with the BoI too (by Excel Vehicle Pvt.Ltd.) for securing credit facilities, it said.

The BoI subsequently declared the account “fraudulent” and reported it to the RBI.

“Funds were diverted by Excel Vehicle Pvt. Ltd. to its sister concerns and utilised for payment towards vendors of its sister concerns and in the repayment of loans of other NBFCs (non-banking financial companies) etc.,” the ED alleged.

The agency said it seized “incriminating” documents, mobile phones, diamond and gold jewellery worth Rs 85 lakh and Rs 25 lakh in cash during the raids. It did not specify what was seized from where.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Road accident in Punjab leaves eleven dead, 15 injured

Dharwad: Man gets 5-year prison term in POCSO case

Assam CM Himanta Biswa vows to protect nude Jain monks’ procession amid protest

Mysuru: Activist Snehamayi Krishna convicted in cheque bounce case

Maha Kumbh pilgrims face transportation challenges, many forced to walk long distances

Cong leaders’ comments on President’s address in poor taste, unfortunate: Rashtrapati Bhavan

Eco survey calls for Ease of Doing Business 2.0 but silent on GST 2.0, ending ‘tax terrorism’: Cong

Related Articles More

Delhi HC seeks info over release of industrial effluents into Yamuna

Road accident in Punjab leaves eleven dead, 15 injured

Delhi Polls 2025 | Gadkari promises to transform Delhi, says BJP govt will bring rapid development

Assam CM Himanta Biswa vows to protect nude Jain monks’ procession amid protest

Four arrested in incident of youths chasing women travelling in car

MUST WATCH

Mantralaya Sri

SDM Hospital

Brinjal Cultivation

Exposing Cow Violence Happening Everywhere

Udupi Sri Krishna Temple

Latest Additions

Delhi HC seeks info over release of industrial effluents into Yamuna

ED has not issued notices to any BJP leaders: Minister Shivraj Tangadagi

Road accident in Punjab leaves eleven dead, 15 injured

Siddaramaiah demands ‘just and proportional’ resource distribution from Centre ahead of budget

Delhi Polls 2025 | Gadkari promises to transform Delhi, says BJP govt will bring rapid development

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.