The Enforcement Directorate (ED) has arrested Vinod Chaturvedi, Managing Director of Usher Agro Limited and other group companies under the Prevention of Money laundering Act in a case related to cheating and siphoning of bank loans of over Rs 915 crore.
The money laundering investigation was initiated on the basis of FIR lodged by the Banking Securities and Fraud Cell of the CBI, Mumbai registered on January 4, 2019 against Usher Agro Ltd., Vinod Kumar Chaturvedi, Manoj Pathak and others.
It has been alleged in the FIR that the group has taken loan from consortium of banks and has siphoned off the same.
“During investigation, Proceeds of Crime have been identified and quantified to the tune of Rs 915.65 crore. Further, investigation revealed that promoters have formed 15 shell companies and had carried out bogus transactions with these shell companies,” the ED said in a statement.
“Also, the group companies have carried out bogus transactions with DHFL group companies. During Investigation, Vinod Chaturvedi was non-cooperative and did not divulge any information,” it further said.
The arrested accused was produced on Saturday before the Special Court that remanded him to five-day custody. Further investigation is under progress, it added.