ED provisionally attached 4 Immovable Properties worth Rs.45.23 Crore in Bank Fraud Case

The Directorate of Enforcement (ED) has provisionally attached 4 immovable properties worth Rs.45.23 Crore in a bank fraud case involving M/s Associate High Pressure Technologies Pvt Ltd (AHPTL).

The attached properties include a land parcel worth Rs 37.39 crore in Distt Anjar, Gujarat, and three flats worth a total of 7.84 crore in Bandra Mumbai, which belong to Ramchand Kotumal Issrani, Mohamed Farouk Suleman Darvesh, and Manoharlal Satramdas Agicha, promoter directors of M/s AHPTL.

The ED launched an inquiry against AHPTL based on a CBI FIR filed under various provisions of the Indian Penal Code, 1860 and the Prevention of Corruption Act of 1988. The CBI initiated the FIR after the Union Bank of India filed a complaint alleging fraud. In this case, the Proceeds of the Crime of Rs.149.89 Crore have been quantified by ED.

The ED inquiry found that a significant chunk of the loan amount received from the Union of India was syphoned off through fraudulent LCs, unsecured loans to related organisations, overdue export earnings, and bogus commissions to linked entities.

In this case, ED conducted 12 searches in Mumbai, Gandhidham, and Pune. Ramchand Kotumal Issrani and Manoharlal Satramdas Agicha were detained by the ED and are currently in judicial custody.

On October 4, 2023, the ED filed a prosecution complaint against Ramchand Kotumal Issrani and M/s AHPTL. The appropriate court has recognised the mentioned PC.

Further investigation is under progress.