The Enforcement Directorate (ED) has arrested Aashish Jhunjhunwala, Director/Promoter of Kolkata-based Ramsarup Industries Limited (company listed on both NSE and BSE) in a case related to laundering the proceeds of crime generated by availing total loan of Rs 184.43 crore from various banks and utilizing the funds for fraudulently for personal gains.
The ED had initiated money laundering investigation on the basis of an FIR registered by the CBI in Kolkata on June 12, 2017 under Indian Penal Code sections relating to criminal conspiracy and cheating against Ramsarup Industries Limited and its directors and others for cheating the banks by dishonestly and fraudulently diverting the loans worth Rs 184.43 crore availed from banks to the account of group companies and others, the ED said in a statement.
During the investigation, search operation was carried out at five locations in Kolkata. During the searches, evidences related to bogus transactions were recovered and seized, it said. Jhunjhunwala was arrested on November 18 on conclusion of search operation and produced before the Special Court in Kolkata, which granted him to seven-day ED custody.