The Enforcement Directorate (ED) has arrested an accused, Subhash Sharma under the Prevention of Money Laundering Act (PMLA) in connection with a bank fraud case worth Rs 54 crore.
The ED had initiated money laundering investigation on the basis of multiple FIRs registered by Chhattisgarh State Police and CBI against Subhash Sharma and others for fraudulently obtaining loans from various banks through companies owned and controlled by him. The total Proceeds of Crime (POC) involved in the above FIRs is around Rs. 54 crore.
The ED probe revealed that during the period from December, 2009 to December, 2014, the loans obtained fraudulently by companies owned and controlled by Sharma were diverted and used for investment in non-intended businesses and part of the Proceeds of Crime was also utilized to purchase immovable properties in the name of shell entities, the ED said in a statement.
“Most of the companies of Subhash Sharma did not have any business activities and were created only for the purpose of transfer/routing of loan funds receivedb in his companies to other companies,” it said.
Two provisional attachment orders attaching movable and immovable properties worth Rs 39.68 crore derived out of the Proceeds of Crime have been issued, it said. The Special Judge, PMLA Court, Raipur, Chhattisgarh has granted 10-day ED custody of Sharma.