New Delhi, Feb 20 (UNI) Directorate of Enforcement (ED) on Saturday said that it has filed a 'Prosecution Complaint' against Kudos Chemie Ltd, Kudos Holdings Pvt Ltd. and its directors Jitendra Singh and Gurmeet Sodhi before the Chandigarh Special Court (PMLA) under the Prevention of Money Laundering Act, 2002 on February 18 for discounting forged export bills with Punjab National Bank led consortium.

The Central financial probe agency began its investigation on the basis of FIR registered by the CBI on April 7, 2017 under sections 120-B read with 420, 467, 468 and 471 of IPC, 1860 for bank fraud with the consortium of banks led by Punjab National Bank.

“The investigation revealed that accused Jitendra Singh and Gurmeet Sodhi, the directors of Kudos Chemie Ltd, prepared forged export bills and got them discounted with the banks fraudulently and diverted loan funds to the related concern namely Kudos Holdings Pvt Ltd being a shell company and through round-tripping showed the diverted funds as their own capital and took more loans from the banks”, the officials in the ED said.

Directors of the company also used company loan funds for buying properties in individual names, the officials further said, adding that an attachment of the immovable properties worth Rs 343 crore was done in this case previously.

Further investigation, in this case has been under progress, the ED said.

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