Mumbai: Enforcement Directorate (ED) has filed prosecution complaint here against Chairman of Nakoda Limited Babulal Gumanmal Jain, Joint Managing Director Devender Jain, along with 13 others from the company for money laundering in a bank fraud case.
The complaint was filed before the Prevention of Money Laundering Act (PMLA) Court in Mumbai on Friday.
ED had already attached properties worth Rs. 375.71 crores against Surat-based Nakoda Ltd that comprised of its Plant and Machinery, building and land measuring 63612 square metres, and its 20 texturising Machines installed at Surat Super Yarn Park Ltd.
ED had initiated the investigation under PMLA on the basis of First Information Report (FIR) and a charge sheet filed by the Central Bureau of Investigation (CBI) against Babulal Jain and Devender Jain.
Nakoda Ltd. had availed fund based and non-fund based financial assistance from the consortium of 13 banks led by Canara Bank, and later on defaulted in repayment of the said loans to the tune of rupees 2107 crores.
Investigations revealed that Babulal Jain and Devender Jain had conspired with Puneet K Rungta and Chartered Accountant Jagdish Chandra Somani to issue bogus sale and purchase invoices.
Jagdish Chandra Somani had floated seven companies and made his family members, relatives and his employees as the Directors of these companies intending to cheat the banks by misusing and diverting loan facilities extended in the name of Nakoda Ltd.
Further, on the strength of fake invoices, Nakoda Ltd had opened 1212 of Letters of credit (LCs) with the banks. Out of 1212 LCs, 202 LCs to the tune of Rs. 827.98 crores were devolved due to non-payment by Nakoda Ltd.
It was found that first LC was devolved which was opened on March 12, 2013, and this devolvement of LCs continued till October 2014 due to non-payment by Nakoda Ltd. and thereafter banks stopped issuing fresh LCs.
These fraudulently obtained LC based funds were laundered by accused through bogus transactions with various firms controlled by Puneet Rungta and Jagdish Somani to project them as untainted and then utilised the same funds for purposes other than purposes for which they said LC funds and loans were sanctioned.
Further investigation in the matter is underway.
[source_without_link]ANI[/source_without_link]