Ahmedabad: The Enforcement Directorate (ED), Ahmedabad Zonal Office, has filed a charge sheet against M/s Avon Cold Storage Private Limited under the Prevention of Money Laundering Act (PMLA), 2002.
The charge sheet was submitted before the Special Court (PMLA) on May 31, which has since taken cognisance of the matter.
The ED’s action follows an FIR registered by the Central Bureau of Investigation (CBI), Anti-Corruption Branch (ACB), Gandhinagar. The FIR named the company’s directors, private individuals, and public servants, alleging a criminal conspiracy to defraud Union Bank of India (formerly Andhra Bank).
According to the FIR, the accused submitted forged documents and falsified records to fraudulently secure a loan. The ED’s investigation revealed that M/s Avon Cold Storage availed term loan facilities from Union Bank on the basis of bogus proforma invoices allegedly issued by M/s Patmax Engineers Private Limited.
The funds, meant for the purchase of plant and machinery to set up a cold storage unit, were instead siphoned off through a web of entities and ultimately withdrawn in cash amounting to Rs 3.92 crore, leaving no legitimate money trail. The investigation further found that the loan amount was diverted for purposes unrelated to the stated objectives in the loan agreement.
So far, movable and immovable assets worth approximately Rs 1.30 crore have been provisionally attached by the ED. Officials confirmed that further investigation into the case is currently underway.
Meanwhile, in May this year, the ED conducted raids in Ahmedabad, focusing on alleged financial irregularities involving Waqf properties.
The investigation targeted individuals accused of unauthorised trusteeship and illegal construction on trust properties, leading to illicit income generation. Assets seized included Rs 30 lakh in cash and Rs 7 lakh worth of cryptocurrency, with bank balances of Rs 2 crore also discovered.
In October 2024, the ED raided 23 premises across Gujarat, including cities like Ahmedabad, Rajkot, and Surat, in connection with a GST fraud case. The investigation centred on M/s Dhruvi Enterprises and others, who allegedly created over 220 shell companies to fraudulently claim input tax credits through bogus invoices, without actual supply of goods or services. The scam has raised concerns about large-scale tax evasion and money laundering.
(IANS)
