The Enforcement Directorate has filed a prosecution complaint (chargesheet) against Punjab-based Kudos Chemie Ltd. and its directors for forging documents to seek loan from a consortium of banks and diverting the funds to the tune of about Rs 350 crore.
The agency said it has filed the Prosecution Complaint against Kudos Chemie Ltd., Kudos Holdings Pvt Ltd. and its directors, Jitendra Singh and Gurmeet Sodhi before the Special Court (PMLA), Chandigarh under the Prevention of Money Laundering Act.
The ED initiated the investigation on the basis of a CBI FIR dated April 7, 2017 under the Indian Penal Code (IPC) Sections relating to cheating, forgery and criminal conspiracy for bank fraud with the consortium of banks led by Punjab National Bank.
“The ED investigation revealed thatJitendra Singh and Gurmeet Sodhi, directors of Kudos Chemie Ltd, prepared forged export bills and got them discounted with the banks fraudulently. They also diverted loan funds to the related concern Kudos Holdings Pvt. Ltd. being a shell company and through round-tripping showed the diverted funds as their own capital and took more loans from the banks. Directors of the company alsoused company loan funds for buying properties in individual names. In thiscase, the immovable properties amounting to Rs 343 crore stand attached by ED,”it said.
Further investigation, in this case, is in progress, it added.
Meanwhile, in a separate case, the ED has filed a Supplementary Prosecution Complaint before the Special Court of Bharat Parashar, Special Judge (PC Act), New Delhi under PMLA in a case of illegal allocation of coal block in Jharkhand against Domco Pvt. Ltd. and its directors Binay Prakash, Rita Prakash and their two other firms.
The agency initiated investigation on the basis of a CBI FIR under IPC sections relating to criminal conspiracy and cheating against Domco Pvt. Ltd. and its promoters/directors and other unknown persons for submitting false information with dishonest intention to the authorities while applying for a captive coal block and securing allocation of “Lalgarh (North)” coal block in West Bokaro Coalfield, Jharkhand. The irregular allocation led to a pecuniary benefit of Rs 7 crores to the accused Binay Prakash who offered to sell the shares of the company on premium, afterallocation of the coal block to the Ranchi-based firm.
Further investigation revealed that the accused Binay Prakash placed the Proceeds of Crime in the banking system and subsequently the amount was siphoned off/ routed/invested through the entities of Binay Prakash group owned/controlled by him. Identified assets in form of immovable properties held in the name of Binay Prakash group amounting to Rs 3.96 crores and movable properties amounting to Rs 3.04 crores were provisionally attached. The Adjudicating Authority under PMLA has already
confirmed attached properties worth Rs 6.88 crores and properties worth Rs 12 lakhs are under the process of confirmation, it said.
Earlier, a Prosecution Complaint under PMLA was filed before the court here on December 13, 2018.