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Maharashtra: ED seizes assets worth Rs 6.69 crore in bank loan cheating case
Mumbai: Enforcement Directorate (ED) on Friday attached assets worth Rs 6.69 crore belonging to Kunal Gandhi, partner of Magnum Steels, Mumbai and his family members in a bank loan cheating case.
Eight immovable properties situated at Mumbai, Panvel, Pune, Raigad and Ratnagiri in Maharashtra were among those seized.
According to the officials, ED has initiated investigations under the Prevention of Money Laundering Act (PMLA) based upon an FIR registered by CBI, New Delhi against Magnum Steels and others for defrauding Bank of Baroda to the tune of Rs 95.97 crore.
"Enforcement Directorate (ED) has attached eight immovable properties worth Rs 6.69 crore situated at Mumbai, Panvel, Pune, Raigad and Ratnagiri in Maharashtra, belong to Kunal Gandhi, partner of Magnum Steels, Mumbai and his family members in bank loan cheating case.
ED has initiated investigations under the PMLA based upon an FIR registered by CBI, SC-II, New Delhi against M/s Magnum Steels and others for defrauding Bank of Baroda to the tune of Rs. 95.97 crore," stated the ED release.
During the course of the investigation, it was revealed that Kunal Kishore Gandhi and Kishore Kantilal Gandhi partners of Magnum Steels instead of repaying the outstanding loan diverted the money through various accounts of their associates to acquire the immovable assets.
The assets consisted of shop-cum-office at Andheri Mumbai, a flat at Panvel and agricultural land in Ratnagiri, Maharashtra by making payments totalling Rs 1.45 crore (approx.) during the period from 2010 to 2015.
It is also revealed that Kishore Kantilal Gandhi and his son namely Kunal Gandhi (partners of Magnum Steels) also purchased 5 immovable properties in Pune by making payments totalling Rs. 5.24 crore (approx.).
A Provisional Attachment Order (PAO) under PMLA was issued attaching all these 8 assets which were acquired by making a payment totalling to Rs. 6.69 crore.
Also on Friday, ED provisionally attached assets worth Rs 14.94 crore (approx.) under the Prevention of Money Laundering Act (PMLA), 2002 in connection with a case registered against Assam's former Director of Information and Public Relations, Ranjit Gogoi, and different private companies, for alleged misappropriation of money of Government of Assam.
The investigation revealed that with the help of some Assam government officials and others, different companies were able to get the "work order" in "Vision Assam Mission Assam Project" 2016 (VAMA, 2016), even though they did not have the required prequalification and laundered the proceeds of crime received by them. The total Proceeds of Crime (PoC) identified in the case till now is Rs.20.48 crore.
In this matter, ED had earlier attached POC worth Rs 5.54 crore. Thus, the total POC attached so far in this matter is Rs. 20.48 crore.
In a case related to illegal mining under PMLA, ED seized assets worth Rs 54.18 crore. The attached assets are in the form of 30 immovable properties situated in the Bellari, Koppal and Hospet districts of Karnataka which are owned by various persons.
ED Bengaluru also issued a Provisional Attachment Order dated 31.03.2023 under the PMLA, 2002, attaching two immovable properties having a value of Rs 1.10 crore, in connection with the corruption case against former Managing Director of Cauvery Irrigation Corporation, Water Source Information Centre, TN Chikkarayappa.
Earlier, ED filed a Prosecution Complaint on 16.03.2023, before the Special Court (PMLA), Bengaluru, under PMLA, 2002 against Mohamed Asadulla and others and his company Al-Ameen Housing Development Company Ltd., in the case of bank fraud in Amanath Co-operative Bank Ltd.
Special Court (PMLA) has taken cognizance of the Prosecution Complaint filed by ED and issued summons to all accused persons.
An investigation by ED was initiated on the basis of an FIR registered by Commercial Street Police Station, Bengaluru against Mohamed Asadulla and others under various sections of the Indian Penal Code (IPC), 1860.
Further, the case was transferred to Fraud Squad, COD, Bengaluru and five charge sheets were filed by the COD in the year 2006 against Mohamed Asadulla and others.
Investigation revealed that during the years 1985 to 2002, the said accused persons misappropriated the funds of Amanath Co-operative Bank by allegedly sanctioning huge amounts of loans to non-existent and fictitious account holders, passing cheques and overdraft accounts fraudulently and defrauding the bank.
The accused used the funds for their personal purpose and invested the same in immovable properties in their name and in the name of their relatives. Proceeds of Crime (PoC) in this case is Rs 68.43 crore.
Earlier, a Provisional Attachment Order dated 30.03.2022 has also been issued by the ED in this case attaching an immovable property held in the name of Mohamed Asadulla and others. As per the records, the present market value of the attached property is Rs.243.93 crore.
In the NH-47 scam in Punjab, ED seized immovable properties worth Rs 7.89 crore (approx.) in the form of land situated at Vallah village in Amritsar district and movable properties of Rs 2.40 Crore (account balance) under the provisions of Prevention of Money Laundering Act.
As many as 403 immovable properties having a value of Rs 83.96 crore of Kalptaru Buildtech Corporation Limited, its group entities and Directors under the provisions of PMLA were also seized by ED. (ANI)