ED arrested Chairman of Associate High Pressure Technologies in Rs. 149.89 crore Bank Fraud

The Directorate of Enforcement (ED) arrested Manoharlal Satramdas Agicha Chairman of M/s Associate High Pressure Technologies Private Limited (AHPTPL) on November 10, 2023, under the provisions of Prevention of Money Laundering Act (PMLA), 2002 in a bank fraud case causing unlawful loss to the tune of Rs. 149.89 Crore to the bank.

Manoharlal Satramdas Agicha appeared before the Hon’ble Special PMLA Court in Mumbai, and the Hon’ble Court was glad to grant the ED custody for three days.

The investigation was launched by the ED on the basis of an FIR filed by the CBI under different sections of the Indian Penal Code (IPC), 1860, and the Prevention of Corruption Act, 1988, against M/s Associate High-Pressure Technologies Pvt. Ltd and its directors/shareholders.

According to the ED investigation, the loan amount was fraudulently routed through fictitious Inland Letters of Credit, bogus unsecured loans, and commissions to connected firms, among other means. In this instance, the ED had already conducted nine searches in Mumbai, Ahmedabad, Kandla, and Pune.

Ramchand Kotumal Issrani, Managing Director of M/s Associate High-Pressure Technologies Private Limited (AHPTPL), was arrested by the ED on August 8, 2023, and is currently in Judicial Custody. On October 04, 2023, a Prosecution Complaint was also filed in this case.

Manoharlal Satramdas Agicha had gone missing during the probe under the PMLA, in 2002, and had not appeared before the ED despite multiple summonses. Meanwhile, intelligence had been gathered for some time in order to track down Manoharlal, who had been changing phones and sim cards frequently.

Finally, on 10.11.23, a residential premise in Pune was searched where the alleged person had been hiding in order to evade prosecution. He was arrested under Section 19 of the PMLA, 2002 after being discovered on the premises.

Additional investigation is being conducted.