Rs 25-cr fraud: ED complaint against Hirak Biotech
fraud.
The Enforcement Directorate (ED) on Tuesday said it had filed a prosecution complaint against Hirak Biotech Limited and its directors Pratik Shah and Nikita Dave for defrauding a bank of Rs 25.25 crore. The complaint was filed under the Prevention of Money Laundering Act (PMLA) in a special court.
ED officials said that the company and directors were involved in defaulting on loans amounting to Rs 25.25 crore taken from Ahmedabad People’s Cooperative Bank Ltd. The CID Crime had initially booked the two directors for fraud and cheating besides other IPC sections.
The charge sheet stated that Pratik Shah had conspired with other accused and fraudulently availed bank overdraft facilities against FDs. He had also increased the limit of this overdraft without resolution. The accused then defaulted on these loans, causing loss of Rs 25.25 crore to APCBL. On December 8, after ED identified 16 plots of land worth Rs 10.07 crore in villages ofViramgam , a provisional attachment order was issued against these assets.
ED officials said that the company and directors were involved in defaulting on loans amounting to Rs 25.25 crore taken from Ahmedabad People’s Cooperative Bank Ltd. The CID Crime had initially booked the two directors for fraud and cheating besides other IPC sections.
The charge sheet stated that Pratik Shah had conspired with other accused and fraudulently availed bank overdraft facilities against FDs. He had also increased the limit of this overdraft without resolution. The accused then defaulted on these loans, causing loss of Rs 25.25 crore to APCBL. On December 8, after ED identified 16 plots of land worth Rs 10.07 crore in villages of
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