Hyderabad: The Enforcement Directorate (ED) has so far attached half a dozen immovable and four movable properties held in the name of Narender Kumar Patel, Madhu Maruswamy, Jigishben Patel and Inrhythm Energy Limited, totaling $ 31.89 million. In terms of the Prevention of Money Laundering Act, 2002 (PMLA)) in a bank fraud case.
The attached assets are located in and around Hyderabad and Visakhapatnam and belong to Narender Kumar Patel, his family members and associates.
The ED investigated on the basis of three FIRs registered by CBI and one FIR registered by Hyderabad police against Narender Kumar Patel, Madhu Maruswamy and others for defrauding several banks to the tune of 155.43 million , according to a press release.
It also filed a prosecution charge against Narender Kumar Patel and seven others. Immediately after discussing FIRs through CBI, Narender Kumar Patel, his wife Jigishben Patel and Madhu Maruswamy fled India and settled in the US. With the help of immigration authorities, the ED succeeds in intercepting Narender Kumar Patel on 16 January 2021 when he lands at Ahmedabad International Airport. He was arrested under the PMLA Act 2002. He was subsequently detained in ED custody and is currently in judicial custody. The remaining two main defendants are still in the US.
Further investigation revealed the modus operandi instituted by Narender Kumar Patel and Madhu Maruswamy to obtain loans from various banks. They fraudulently obtained loans of 65 million from SBI, 37 million from the former State Bank of Bikaner and Jaipur, 25 million from EXIM Bank, 12 million from DCB Bank, 10 million from the former Dena Bank and 9 million from the bank. The press release reads the press release of Maharashtra for a total of 157 million, by submitting submitted property documents and properties with legal disputes.
According to the release, all these loans were deducted by Narender Kumar Patel and Madhu Maruswamy using an intricate web of transactions by his sister commissioners and third parties by entering accommodation. A portion of the proceeds of crime are in the possession of the fugitives accused in America. They also turned over loan funds to pay amounts to third-party mortgage lenders, consultants, interest to banks to obtain further loans and for their personal benefits.
The share of the proceeds of crime is invested directly or indirectly in a private company. After these properties were identified, a preliminary seizure order was issued on March 15 and a charge of prosecution was filed on March 16 at the PMLA Special Court.
Source: Telangana Today