Mohit Kamboj claims he had settled all dues. Bank officials allegedly abused official position to help Kamboj and the other accused go for a one-time settlement, leading to heavy losses
The Enforcement Directorate (ED) has registered a case against Bharatiya Janata Party (BJP) leader and former Indian Bullion and Jewellers Association president Mohit Kamboj alias Mohit Bhartiya in a loan default case to the tune of Rs 67 crore from Bank of India.
The case was registered last week under the Prevention of Money Laundering Act (PMLA). Last month, the Central Bureau of Investigation (CBI) had registered a case, in which Kamboj was named as an accused with four others and two entities. The CBI had also searched the residences and official premises of the accused in five locations in Mumbai.
The accused borrowers and guarantors allegedly misappropriated public funds, and indulged in fraud, cheating and forgery in connivance with unidentified bank officials. These officials allegedly abused their official position and helped the accused go for a one-time settlement (OTS), leading to heavy losses to the bank.
Jitendra Gulshan Kapoor, Naresh Madanji Kapoor (deceased), Sidhant Bagla and Irtesh Mishra are the other accused. Avyan Overseas Ltd (now known as Bagla Overseas Pvt Ltd) and KBJ Hotels Goa Ltd are the entities.
However, Kamboj told Moneycontrol: “I have already paid the dues and the bank has issued a no-due certificate and released all documents two years back. It’s the same case that the CBI registered last month. I will cooperate with both agencies.”
The bank, in its complaint to the CBI, had alleged that Kamboj was the managing director of Avyan Overseas, which was involved in manufacturing and exporting handcrafted gold jewellery to Dubai, Singapore, Hong Kong and other countries.
The bank had issued credit facilities of Rs 60 crore to the company in 2013. A forensic audit by a private firm revealed that the company showed that it had done business worth Rs 41 crore with Sasi Trading LLC, based in Dubai, but that company wasn't traceable.
Also, around Rs 22 crore were diverted to a sister concern, Pooja Constructions, owned by a relative of the accused and its office-bearers. This money was diverted for buying a prime property.