Mumbai/Vadodara,

27 Aug (HS): The Enforcement Directorate (ED) raided seven places, residential and

commercial, in Mumbai and Wadodara (Gujarat) Under Prevention of Money

Laundering Act (PMLA). The places raided are related to Bill Power Ltd and

accused in loan frauds. Lockers in three banks were also searched by the ED

personnel.

According

to ED, Rs 43 lakh cash, and jewellery worth Rs 12 crore were seized. Two bank

accounts having balance of Rs 27 lakh and lockers were frozen by the ED. The EF

is inspecting documents relating to stable properties, equipment and machinery,

account books, digital equipment etc. Some incriminating documents were found

by the ED officers.

The

search was initiated following a complaint lodged by State Bank of India (SBI)

and FID registered by CBI alleging loan fraud and money laundering through

illegal transactions of about Rs 160.55 crore.

Rajendra Kumar

Chaudhari, Suresh Kumar Chaudhari and Naresh Kumar Chaudhari were managing the

company and had relation with SBI since 2005. The obtained facilities like cash

credit, working capital term loan, funded interest term loan, corporate loan,

bank guarantee, letter of credit and foreign currency exposure etc. According

to ED the company’s loan account was registered as NPA (Non-Performing Assets) on

18 April, 2012 with dues of Rs 160.55 crore.

During

investigation the company’s transactions with fake companies came to light.

ED is

investigation into transactions with the fake documents submitted to the bank.

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Hindusthan Samachar / Ajay Vasant Mardikar