Ahmedabad: The Enforcement Directorate (ED) has filed a prosecution complaint against M/s Anil Nutrients Ltd, its director Amol Sheth and six other accused persons in connection with an alleged money laundering case arising from a Rs 47.88 crore bank fraud involving Bank of India.
The complaint was filed by the ED’s Ahmedabad Zonal Office as part of an investigation into the activities of Anil Nutrients Limited and related entities.
Officials said the case is linked to an alleged fraud in which loan funds from Bank of India were diverted and siphoned off through a network of related companies.
The money laundering investigation was initiated after an FIR registered by the Central Bureau of Investigation (CBI), SC-I, New Delhi.
The FIR named Anil Nutrients Limited and others for alleged offences under Sections 120-B and 420 of the Indian Penal Code, 1860, along with Section 13(2) read with 13(1)(d) of the Prevention of Corruption Act, 1988.
Officials said that following its investigation, the CBI filed a chargesheet against Amol Shripal Sheth, Managing Director of Anil Nutrients Ltd, and seven others under Sections 120-B and 420 of the IPC before the court of the Additional Chief Judicial Magistrate, CBI, in Ahmedabad.
According to the ED, its investigation established that the company and its director allegedly defrauded Bank of India to the tune of Rs 47.88 crore.
Investigators said the funds were diverted and siphoned off to sister company concerns without any genuine business transactions.
The agency said the alleged diversion of funds was carried out as part of a “well-knit conspiracy”.
Fake transactions were allegedly created to transfer large amounts to related companies, while the turnover of group firms was inflated to give the appearance of legitimate business activity.
The ED said that large bank loans were obtained with the alleged intention of causing wrongful loss to the bank and wrongful gain to the accused.
Loan amounts were subsequently diverted or siphoned off through bogus transactions, according to investigators.
During the investigation under the Prevention of Money Laundering Act, the ED carried out search operations at the premises of Amol Sheth and several other individuals linked to the Anil Group of companies.
Officials said the searches led to the discovery of crucial evidence, including details of properties that were not mortgaged with banks.
The agency also issued a provisional attachment order for immovable properties worth Rs 5.39 crore in connection with the case.
Further investigation into the matter is ongoing, officials said.
(IANS)
