New Delhi, Dec 13 (IANS) The Enforcement Directorate (ED) said on Friday that it has attached properties to the tune of Rs 20 crore of a Rajasthan-based company and its promoters in connection with its probe into an alleged bank loan fraud.
According to the ED, the case is related to a company named Emgee Cables and Communications and its directors Shripal Choudhari, Anuradha Choudhari, Abhinav Choudhari and others.
The ED had taken over the probe in the case after taking cognizance of an FIR filed by the Rajasthan Police in May last year and two charge sheets filed by it, the latest being in April this year.
The financial probe agency said in a statement that Emgee Cables, through firms such as Reliance International, New Generation INC (dummy firms created by Shripal Choudhari) and Kandoi Metal Powder Mfg Pvt Ltd, had fraudulently shown inflated sales and purchases without their being any actual sale/purchase and defrauded the creditors, including Dena Bank.
“They were engaged in circular transactions with these firms. It was also observed that more than 90 per cent transportation of the suspected sale/purchase of goods made among these firms were shown to be done by one truck of Emgee cables,” the ED said.
The truck was found to be at more than one location at the same time, the probe agency said.
“The transaction shown among these firms were dummy transactions, only for showing inflated turnover of company with the sole intention to defraud Dena Bank and other creditors,” it said.
The ED said Emgee Cables booked “substantial loss” out of the circular transactions which were not possible in ordinary course of business.
The attached properties include two residential houses, a factory, five offices, two plots, agriculture land and the hostel of GIT College located in Jaipur totalling Rs 18.93 crore, and movable properties in the form of bank balance, plant and machinery and three cars worth Rs 1.42 crore, the agency said.