ED Attaches Immovable Properties of Private Firm worth Rs.62.70 Crore in Bank Fraud Case

The Directorate of Enforcement(ED) has issued the Provisional Attachment Order on 22.02.22 for attachment of immovable properties of M/s Nipko Engineering Services Pvt Ltd. amounting to Rs.62.70 Crore in a Bank fraud case.

In the year 2020, the ED launched a money laundering investigation based on a complaint submitted by the CBI, ACB Pune, against the above-mentioned company, Mr. Narendra Achyut Rao Korde, Director, unknown officers of Andhra Bank, and other individuals for a bank fraud of around Rs.72.99 crore.

The accused received false/ fake purchase orders from several companies/ firms and then generated forged supporting papers such as invoices, delivery challans, goods receipts notes, and other documents to indicate genuine goods transactions between the companies. Following that, these documents were submitted to Andhra Bank, along with a bill discounting application. Following that, other associates, such as directors/proprietors/authorized signatories of phoney purchasers companies, used to accept the bills at their individual banks, despite the fact that no physical goods transactions were taking place. The claimed bogus bills were discounted, and the funds were credited to Mr. Narendra Korde’s company account.

The funds were then laundered through payments to third parties / fictitious firms and cash withdrawals, and were layered and integrated into the bank accounts of various other companies to conceal the original source of Proceeds of Crime, and were used to purchase immovable properties worth Rs.62.70 crore that were Provisionally Attached.