Hyderabad: The Enforcement Directorate (ED) has arrested Jay Ambe Gowri Chem Ltd director, who had been absconding, in a fraud case concerning duping SBI of Rs 65.29 crore by forging documents.
Company’s director Narender Kumar Patel was produced before the PMLA Special Court in Nampally which granted 10 days of ED custody of Patel. The ED initiated an investigation under the Prevention of Money Laundering Act-2002 (PMLA) based on CBI’s FIR dated February 12, 2018, registered under Section 120B of IPC.
Investigations revealed that State Bank of Bikaner and Jaipur had also declared Patel and other directors of the company as willful defaulters of Rs 36.14 crore. The CBI registered another FIR based on a complaint filed by Exim Bank in 2016. Neither the company nor its directors repaid the loan to Exim Bank, causing a loss of Rs 30.76 crore to it, an ED press release said.
The company also took a loan of Rs 8 crore from Development Credit Bank Limited and defaulted the payment. Thus, the accused and the company were responsible for loan frauds involving over Rs 100 crore. Investigations revealed that Patel had absconded in 2015 and fled to the US along with his family.
Fund trail analysis revealed Patel had authorised huge foreign outward remittances from the company’s accounts in lieu of import advances and thereafter loans availed from SBI turned into NPA. It was suspected that under the guise of non-existent imports, he had illegally shifted proceeds of crime abroad.
In 2020, the ED issued Look-Out-Circular against Patel. He was intercepted by the Indian Immigration Authorities at the Ahmedabad International Airport and subsequently arrested by the ED.
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