The Enforcement Directorate (ED) has filed a prosecution complaint (chargesheet) before the Special Court, PMLA, Ahmedabad against Hirak Biotech Ltd and its directors Pratik R Shah and Niketa Baldevbhai Dave under Prevention of Money Laundering Act (PMLA) in a loan default case of Ahmedabad Peoples Cooperative Bank Ltd.
Besides Hirak Biotech Ltd and its directors, Platinum Corporation Ltd. were involved in the siphoning of bank loan availed from Ahmedabad Peoples Cooperative Bank Ltd., the ED said.
On December 8, a provisional attachment order was issued under PMLA on identification of Proceeds of Crime in the form of 16 plots located at village Sachana, Taluka Viramgam in Ahmedabad district worth Rs 10.07 crore. These attached assets were held in the name of Hirak Biotech Ltd, Ahmedabad, the agency said.
ED initiated investigations under PMLA on the basis of a charge sheet filed by CID, Gandhinagar against various persons for commission of offences Indian Penal Code Sections relating to criminal conspiracy, criminal breach of trust, cheating and forgery among others.
“The said charge sheet discloses that Pratik R Shah in conspiracy with other accused fraudulently availed loan/overdraft facility against FDs from the bank and also increased overdraft limit without any resolution and withdrew beyond the overdraft limit without any security. In this manner the accused defaulted the loan sanctioned by APCBL and thereby causing loss of `25.25 crore to the bank, it said.
Investigation under PMLA revealed that accused Shah and Niketa Baldevbhai Dave, directors of Hirak Biotech Ltd. tried to transfer/dispose off 16 plots held in the name of Hirak Biotech Ltd. Accused Dave, was arrested on October 13 this year and is in judicial custody. Now, after attachment of the Proceeds of Crime to the tune of `10.07 crore, Prosecution Complaint has been filed before the Special Judge for confiscation of the attached assets apart from awarding punishment to the accused persons, it added.