New Delhi, Oct 15 (UNI) Enforcement Directorate (ED) has arrested the director Ms Niketa Baldevbhai Dave of an Ahmedabad-based biotech company under Prevention of Money Laundering Act (PMLA) in connection with an alleged co-operative bank fraud case.

According to the ED officials, Ms Niketa Baldevbhai Dave, after her arrest, was produced before a special court in Ahmedabad, which sent her to ED custody till October 17.



The central financial probe agency move was based on Gujarat CID- crime branch FIR in which the another director of these firms Pratik R Shah- and others allegedly “committed fraud of Rs 25.25 crore with the Ahmedabad People’s Cooperative Bank Ltd (APCBL)” and were first booked by the CID-crime branch of the Gujarat Police in May, 2009.

Later in a statement, the agency further claimed that its probe in the case revealed that “Shah and Dave, being the directors of Pentium Infotech Ltd and Hirak Biotech Ltd, opened FDOD (overdraft accounts against fixed deposits) loan accounts in APCBL and these companies defaulted on payment causing loss of Rs 25.25 crore to the bank”.

“Twenty IBL current accounts with Rs 50 lakh sanctioned to each account were also opened from APCBL by Shah in the name of his office staff, firms, associates, out of which Ms Dave applied for loan for seven out of 20 firms namely S J Securities Ltd, Pioneer Mercantile Ltd, Vitale Bio Science Ltd, Satark Real Estate Ltd, Jupiter Business Ltd, Lakshya securities and Credit Holding Ltd and Arihant Jewellers,” it said.

Probe found that Shah and Ms Dave had “passed a board resolution on February 25 authorising the latter to sign, deal, sell, transfer and dispose non-agricultural land held in the name of Hirak Biotech Ltd (located at Sachana)”, the ED said, adding that she played an active role in disposing of the proceeds of crime in the alleged bank fraud case and hence she was arrested.

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